July 19, 2011 / 10:04 PM / in 6 years

UPDATE 1-Valeant buys Canadian rights to arthritis drug

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July 19 (Reuters) - Valeant Pharmaceuticals International Inc said its Barbados-based unit signed a deal with Sanofi-Aventis’ to acquire the Canadian marketing and distribution rights for an osteoarthritis ointment.

The drug Zuacta, used to treat severe pain in patients with osteoarthritis of the knee, is expected to be launched in the third quarter of this year, Valeant said in a statement.

Under the deal, Sanofi-Aventis will get an initial payment on delivery of the first shipment of the ointment and subsequent milestone payments based on sales.

The company did not disclose any further details.

Valeant shares closed at C$52.82 on Tuesday on the Toronto Stock Exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Anthony Kurian)

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