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Valeant Sells HIV & Cancer Programs
 
 
  Valeant Pharmaceuticals Sells Discovery and Preclinical Assets to Ardea Biosciences
 
ALISO VIEJO, Calif.--(BUSINESS WIRE)--Dec 22, 2006 - Valeant Pharmaceuticals International (NYSE:VRX) today announced the sale of certain of its discovery and preclinical assets to Ardea Biosciences, Inc. (formerly IntraBiotics Pharmaceuticals). The sale includes the rights to Valeant's HIV and cancer development programs.
 
Under the terms of the agreement, Ardea will make payments to Valeant upon the achievement of clinical milestones for both HIV and cancer programs. Valeant will retain an option, exercisable upon the completion of Phase 2b studies by Ardea, to reacquire rights to commercialize its HIV program outside of the United States and Canada upon Ardea's completion of Phase 3 trials. Ardea will pay Valeant development milestones and royalties upon its commercialization of the HIV and cancer programs. Valeant would make milestone and royalty payments to Ardea related to the clinical advancement and commercialization of the HIV program should Valeant exercise its option to this program.
 
Timothy C. Tyson, Valeant's president and chief executive officer, said, "The sale to Ardea is another significant step forward in the execution of our restructuring initiative. The agreement will further the development of important programs for HIV and other therapies while allowing us to retain an interest in the commercial rights to our HIV compounds."
 
About Valeant
 
Valeant Pharmaceuticals International (NYSE:VRX) is a global specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of neurology, infectious disease and dermatology. More information about Valeant can be found at www.valeant.com.
 
Contact
 
Valeant Pharmaceuticals
Jeff Misakian, 949-461-6184
 
 
 
 
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