Under the terms of the agreement, Par will promote Cesamet to physicians in the US, whilst Valeant will record sales of the drug and fund all marketing expenses associated with the product.
Valeant has received an approvable letter from the FDA for Cesamet and is awaiting final approval. The company acquired the drug from Eli Lilly & Company in 2004 and currently markets the product in Canada where the drug now holds approximately 85% share of total prescriptions in the Canadian cannabinoid market.
“We look forward to a very successful collaboration with Par,” said Wesley Wheeler, president of Valeant Pharmaceuticals North America. “Cesamet is a drug that will address an important and unmet medical need for many patients. Its rapid adoption in Canada clearly demonstrates the product’s utility.”