Valeant Pharma to pay Anacor $142.5M in settlement
NEW YORK (AP) — Valeant Pharmaceuticals will pay Anacor Pharmaceuticals $142.5 million in a settlement, the companies said Monday.
The payment will be made by Nov. 8, and it will resolve all disputes between Anacor and Valeant. That includes legal proceedings involving Medicis Pharma, which Valeant acquired in December.
Anacor says that Dow Pharmaceutical Services, which is now part of Valeant, breached a contract related to Anacor's work on Jublia. The drug is a treatment for onychomycosis, a fungal infection of the nail and nail bed. On Oct. 18 an arbitrator awarded Anacor $100 million in damages and ordered Valeant to pay costs and attorney's fees as well. Anacor, of Palo Alto, Calif., said it believed it had other claims against Valeant as well.
Jublia is approved in Canada, where Valeant is based, but not it is not on the market in the U.S.
Anacor moved to take Medicis to arbitration in 2012, saying Medicis had breached a contract related to research into acne treatments.
Shares of Anacor Pharmaceuticals Inc. rose 10 cents to $12.96 in morning trading. The stock has climbed 19.4 percent since Oct. 18.
Valeant Pharmaceuticals International Inc. shares rose 11 cents to $112.68.