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news.Meda has signed a license agreement to sell Elidel (pimecrolimus 1% cream) and Xerese (acyclovir and hydrocortisone cream) rights to a subsidiary of Valeant Pharmaceuticals, Valeant International (Barbados) (VIB), in Mexico, US and Canada.
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Under the terms of the pact, Valeant is responsible to pay a sum of $76m and including milestones and royalties of $130m over the next 18 months to Meda.
Additionally, Valeant expects to pay double digit royalty rate on net sales of Elidel, Xerese and Zovirax including additional minimum royalties of $120m during 2013 – 2015.
Valeant has exclusive rights to Zovirax in the US and Canada.
Furthermore, both the parties have signed a development deal for future life cycle management of both Elidel and Xerese.
Meda CEO Anders Lonner said Meda will concentrate the marketing to the respiratory/allergy area with Astepro and their new product Dymista, which is in late registration phase with the FDA.
Valeant chairman and CEO Michael Pearson said the addition of a brand such as Elidel is a significant enhancement to their growing North American dermatology portfolio.