Valeant agrees to pay Anacor $142.5 million
LAVAL, Que. - Valeant Pharmaceuticals International, Inc. (TSX:VRX) has agreed to pay $142.5 million to settle all outstanding disputes with Anacor Pharmaceuticals of Palo Alto, Calif.
The payment includes a previously announced $100-million award of damages to Anacor (Nasdaq:ANAC) related to a contractual dispute with Dow Pharmaceutical Sciences, Inc., a Valeant subsidiary.
Anacor said the settlement also resolves its ongoing dispute with Medicis Pharmaceutical Corp., which Valeant acquired last December.
Valeant, a Montreal-area pharmaceutical company with a range of products including skin treatments, has agreed to make the payment to Anacor by Nov. 8.
Anacor's two lead product candidates are being investigated as treatments for skin conditions — an antifungal for onychomycosis and an anti-inflammatory for treating atopic dermatitis and psoriasis.