Valeant CEO says was in talks with Sprout for three weeks

Thu Aug 20, 2015 7:55am EDT
 
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NEW YORK Aug 20 (Reuters) - Valeant Pharmaceuticals International Chief Executive J. Michael Pearson said Thursday on CNBC the company had been in talks to buy female libido drug company Sprout Pharmaceuticals for about three weeks prior to signing the $1 billion deal.

Asked if the company had run an official sale process with multiple bidders, Sprout CEO Cindy Whitehead said the company had received "a lot of interest" following a positive recommendation from the U.S. Food and Drug Administration's advisory committee.

The FDA approved the treatment on Tuesday. (Reporting by Caroline Humer; Editing by Bernadette Baum)