December 20, 2007
Valeant Pharmaceuticals International and Three Rivers Pharmaceuticals jointly announced that they have signed a definitive agreement for Valeant to divest the US and Canadian rights to hepatitis C drug Infergen (interferon alfacon-1) to Three Rivers. Valeant will receive from Three Rivers approximately $70.8 million in cash upon closing, and up to $20.5 million in two noncontingent payments over the following eighteen months. Under the terms of the agreement, Three Rivers will be assigned all United States and Canadian rights to Infergen and will acquire the remaining Infergen inventory from Valeant. The transaction is expected to close during the first quarter of 2008.