Valeant Phama (VRX) Sells Discovery and Preclinical Assets to Ardea

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valeant pharmaceuticals Valeant Pharmaceuticals International (NYSE: VRX) announced the sale of certain of its discovery and preclinical assets to Ardea Biosciences, Inc. (formerly IntraBiotics Pharmaceuticals) (OTC: IBPI). 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.

source - StreetInsider