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ARTICLE | Company News

Hyperion, Valeant Pharmaceuticals deal

May 13, 2013 7:00 AM UTC

Hyperion exercised its option under an amended 2007 deal with Valeant's Medicis Pharmaceutical Corp. subsidiary to acquire worldwide rights to Buphenyl sodium phenylbutyrate and Ammonul. Hyperion will pay $22 million up front to Valeant, which will also be eligible for milestones and royalties. Valeant has 20 days to formally notify Hyperion to retain rights to Ammonul for $32 million. If Valeant retains Ammonul, Hyperion's upfront payment for Buphenyl will be $19 million. Thus, Valeant will pay Hyperion $13 million. The deal is expected to close by May 29. ...