BRIEF-Valeant Pharmaceuticals announces new licensing arrangement for Brodalumab in Europe

Fri Jul 1, 2016 2:09am EDT
 
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July 1 (Reuters) - Valeant Pharmaceuticals International Inc :

* Valeant Pharmaceuticals announces new licensing arrangement for Brodalumab in Europe

* Says affiliate and Astrazeneca have amended Valeant's license for Brodalumab

* Amendment for Brodalumab to terminate Valeant's right to develop and commercialize Brodalumab in Europe

* Astrazeneca has entered into an agreement granting Leo Pharma exclusive rights to develop and commercialize Brodalumab in Europe

* Under terms of amended agreement, Valeant will continue to hold license to develop and commercialize Brodalumab in U.S

* As consideration for termination of European rights, Astrazeneca to pay to co an upfront payment and certain sales-based milestone payments

* As consideration for termination of European rights, one of pre-launch milestones payable by co to Astrazeneca under original license reduced

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