MISSISSAUGA, Ontario, July 19, 2011 /PRNewswire via COMTEX/ --
Valeant Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX) announced today that its subsidiary, Valeant International (Barbados) SRL ("VIB"), has entered into an agreement with sanofi-aventis Canada Inc. ("sanofi-aventis") for the Canadian marketing and distribution rights to Zuacta(TM), a topical cream of zucapsaicin, which is indicated to be used in conjunction with oral COX-2 inhibitors or NSAIDs for the relief of severe pain in adult patients with osteoarthritis of the knee. Under the terms of the distribution agreement, sanofi-aventis will receive from VIB consideration that includes an initial payment payable on the delivery of the first shipment of product and milestone payments based on net sales.
"Zuacta(TM) will be another strong addition to our product portfolio in Canada, where Valeant has an expertise and focus in the area of pain management," said J. Michael Pearson, chairman and chief executive officer. "Zuacta(TM) has already been approved by Health Canada and we expect to launch this compound in the third quarter of 2011. With a strong commercial infrastructure throughout Canada, we are in a unique position to further leverage our capabilities with new products, thus providing Valeant Canada with continued growth opportunities in the future."
About Valeant Pharmaceuticals International, Inc.
Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX) is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of neurology, dermatology and branded generics. More information about Valeant Pharmaceuticals International, Inc. can be found at www.valeant.com.
Caution Regarding Forward-Looking Information
To the extent any statements made in this document contain information that is not historical, these statements are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and may be forward-looking information as defined under applicable Canadian securities legislation (collectively, "forward-looking statements").
These forward-looking statements relate to, among other things, the expected launch time of Zuacta, the impact of Zuacta on our product portfolio in Canada, our ability to leverage our capabilities with new products, and the growth opportunities of Valeant Canada. Forward-looking statements can generally be identified by the use of words such as "believe", "anticipate", "expect", "estimate", "intend", "continue", "plan", "project", "will", "may", "should", "could", "would", "target", "potential" and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from these expectations include, among other things, the risk factors as detailed from time to time in Valeant's reports filed with the Securities and Exchange Commission and the Canadian Securities Administrators.
Laurie W. Little