Valeant Phama sells Sprout Pharma to its former shareholders

Valeant Pharmaceuticals International, Inc. announced that its affiliate has entered into an agreement to divest the Sprout Pharmaceuticals subsidiary to a buyer affiliated with former shareholders of Sprout in exchange for a 6% royalty on global sales of Addyi (flibanserin) beginning 18 months from the signing of the sale agreement. In connection with the completion of the sale, Valeant will be released from the ongoing obligations of the original transaction to split future profits with the former shareholders, as well as certain related provisions, including the obligations to make certain marketing and other expenditures.