The clouds hanging over Valeant’s prospects just won’t go away. The drugmaker’s quarterly results have dashed any immediate hopes that its business is turning around.
AstraZeneca Ends European Licensing Pact With Valeant
AstraZeneca PLC (AZN. LN) has terminated its European licensing pact for skin medicine brodalumab with Canadian drugmaker Valeant Pharmaceuticals International Inc. (VRX. T) and has instead granted the license to Danish firm LEO Pharma A/S, in a bid to further broaden the launch market for the experimental drug.
The British pharmaceutical giant said Friday that it had mutually agreed to terminate the European licensing pact for brodalumab with an affiliate of Valeant.
It added, however, that Valeant will continue to lead the development and commercialization of the drug in the U.S. and certain other markets as per the initial agreement entered in September 2015.
Valeant, which is currently being probed by multiple U.S. regulators in connection with drug pricing and dealings with distributors, said separately that the termination will help the company to focus on the U.S. market.
It also said AstraZeneca will pay an undisclosed upfront payment and certain milestone-related payments as a consideration for the termination.
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