Canada's Valeant acquires eye drug Visudyne
Valeant Pharmaceuticals International Inc. has acquired eye drug Visudyne from fellow Canadian drug maker QLT Inc. for $112.5 million, plus additional payments, to add to its ophthalmology division.
The company said Monday that the deal will immediately add to profit. Visudyne is used to treat abnormal growth of leaky blood vessels in the eye caused by wet age-related macular degeneration. Valeant says it brought in $35 million last year from U.S. sales and royalties on foreign sales.
Valeant's total revenue last year was $2.46 billion.
Valeant is buying Visudyne's U.S. rights and royalties on its foreign sales, and agreed to make up to $15 million more in contingent payments on the overseas royalties. It will also pay QLT an additional $5 million based on development of QLT's laser program in the U.S.
QLT developed and marketed Visudyne with Swiss pharmaceutical company Novartis AG. Valeant will supply Novartis with Visudyne for sales outside the U.S.