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GEN News Highlights : Dec 22, 2006

Valeant Pharmaceuticals Sells Discovery and Preclinical Assets to Ardea Biosciences

The sale includes the rights to HIV and cancer development programs

Valeant Pharmaceuticals sold some of its discovery and preclinical assets to Ardea Biosciences, formerly known as 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 IIb studies by Ardea, to reacquire rights to commercialize its HIV program outside of the U.S. and Canada upon Ardea’s completion of Phase III 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.

According to Timothy C. Tyson, Valeant’s president and CEO, “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.”