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Valeant to pay $142.5-million in Anacor settlement

File photo of the Valeant Pharmaceutical head office in Laval, Que.

Ryan Remiorz/The Canadian Press

Valeant Pharmaceuticals International Inc. has agreed to pay Anacor Pharmaceuticals Inc. $142.5-million (U.S.) in a settlement agreement between the two companies.

The payment puts an end to disputes between Palo Alto, Calif.-based Anacor and Laval, Que.-based Valeant.

Anacor had claimed that Valeant breached intellectual property, confidential information and contractual rights.

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The payment includes a previously announced $100-million arbitration award Valeant is to make to Anacor to resolve a breach of contract dispute arising out of services provided by Dow Pharmaceutical Sciences Inc. before the latter was acquired by Valeant.

Valeant and Anacor said in separate news releases Monday that Valeant has agreed to make the payment no later than Nov. 8.

The disagreements between Anacor and Valeant also involved a conflict between Valeant unit Medicis Pharmaceutical Corp. and Anacor over a research and development pact.

Valeant specializes in such areas as dermatology, eye care, neurology and branded generics.

Anacor develops small-molecule therapeutics, with its two lead products being topically applied dermatological compounds.

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About the Author
Quebec Business Correspondent

Bertrand has been covering Quebec business and finance since 2000. Before joining The Globe and Mail in 2000, he was the Toronto-based national business correspondent for Southam News. He has a B.A. from McGill University and a Bachelor of Applied Arts from Ryerson. More

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