Valeant has no interest in drug development. And Valeant didnt spend the money, Biovail did, so the psychological barrier of 'not for less than we paid for it' isn't likely to be present. Either it sits on their shelf, or they return it to Cortex in exchange for some modest share of eventual payments from a partner. A couple percent. It would be self-defeating for them to demand much cash, because Cortex doesn't have it, and they would want Cortex to survive in healthy enough form that they can obtain decent terms. The less Cortex gets, the less Valeant would get. They aren't going to subsidize the program, but I expect they'll be willing to release it as an asset that might produce a little money later. They have much bigger fish to fry for now.
These SA results are unlikely to bring a deal in and of themselves, but they strengthen the RD package. What I'd also be curious about is what Biovail may have done inhouse with the RD project: I know at least two companies who had their projects returned who were very happy that Biovail had done quality prep work from which they now will benefit. IF Biovail did any of that for RD, that enhances that package as well.
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