Colesevelam, an oral bile acid sequestrant for hypercholesterolemia, is developed by Genzyme and marketed in the US by Daiichi Sankyo under the brand name WelChol and elsewhere by Genzyme under the tradename Cholestagel.
Colesevelam is indicated as an adjunct to diet and exercise to reduce elevated low-density lipoprotein cholesterol (LDL-C) in patients with primary hyperlipidemia as monotherapy and combination therapy with a statin.
As part of the agreement, Genzyme will receive from Biovail a $2m upfront payment, to be followed by subsequent additional milestone payments totaling up to $7m.
Valeant CEO J Michael Pearson said while this compound is currently pending marketing approval from Health Canada, the use of Cholestagel has been shown to be effective as an adjunctive option in the treatment of high levels of cholesterol in the blood in the countries where it is currently marketed.
"This product will be promoted by our existing sales force in Canada and will be a complementary fit with our existing Tiazac XC promotions," Pearson said.