ALISO VIEJO, Calif. and CRANBERRY TOWNSHIP, Pa. Valeant Pharmaceuticals has agreed to sell its U.S. and Canadian rights to its hepatitis C drug Infergen to Three Rivers Pharmaceuticals, in a deal worth that can potentially be worth more than $90 million, according to published reports.
Valeant, which makes products for dermatology, infectious diseases and neurology, said on closing it will receive about $70.8 million in cash and up to $20.5 million in two non- contingent payments over the following 18 months from Three Rivers.
“This acquisition further promotes Three Rivers’ continuous strategy to expand its product offerings through product acquisition and internal product development in highly specialized therapeutic disease categories like hepatitis C,” Donald Kerrish, Three Rivers’ president and chief executive officer, said in a statement.
As part of the deal, Three Rivers will acquire the remaining inventory of the drug from Valeant. The transaction is expected to close during the first quarter of 2008. According to the Centers for Disease Control and Prevention, an estimated 3.9 million Americans (1.8 percent) have been infected with the hepatitis C virus.