Meda, Valeant in deal for topical drugs

Meda AB (SSE:MEDAA) granted Valeant Pharmaceuticals International Inc. (NYSE:VRX; TSX:VRX) exclusive rights in North America to topical eczema drug Elidel pimecrolimus and topical herpes drug Xerese acyclovir/hydrocortisone. The partners plan to collaborate on the two drugs along with Valeant's topical herpes drug Zovirax acyclovir. Meda will receive $76 million up front and is eligible for about $130 million in milestones and royalties before year end 2012. Thereafter, Meda is eligible for double-digit royalties, including a minimum of $120 million from 2013-15. ...