BioCentury
ARTICLE | Company News

Anacor, Valeant Pharmaceuticals infectious, dermatology news

November 11, 2013 8:00 AM UTC

Valeant agreed to pay Anacor $142.5 million to settle all existing and future claims between the companies related to contracts with Dow Pharmaceutical Sciences Inc. and Medicis Pharmaceutical Corp. The payment will cover $100 million in damages awarded to Anacor by an arbitrator in October as part of a contract dispute with Valeant over a 2004 deal between Anacor and Dow Pharmaceutical, under which Dow was providing services to help Anacor develop its topical antifungal agent, tavaborole. Valeant -- which is developing efinaconazole, a competitor to tavaborole -- acquired Dow Pharmaceutical in 2008 (see BioCentury, Oct. 21).

The payment will also settle an arbitration demand Anacor filed in November 2012 alleging that Medicis breached a February 2011 R&D deal with Anacor to discover small molecules against an undisclosed target to treat acne. Anacor was seeking damages in the form of preclinical milestones under the deal. Valeant acquired Medicis in December 2012 (see BioCentury, Feb. 21, 2011 & Dec. 17, 2012). ...