Drug developer Valeant Pharmaceuticals International said Friday it will sell its HIV and cancer development programs to Ardea Biosciences, formerly Intrabiotics Pharmaceuticals.
Under the agreement, Valeant will retain an option to reacquire rights to commercialize the HIV program outside the U.S. after Ardea completes its main clinical trials. Ardea is required to pay Valeant for achieving certain development milestones and royalties if it commercializes either the cancer or HIV compounds.
Valeant Chief Executive Timothy Tyson said the sale is part of the company’s reorganization plan.
“The agreement will further the development of important programs for HIV and other therapies while allowing us to retain an interest in the commercial rights to our HIV compounds,” said Timothy Tyson.
Shares of Valeant added 6 cents to $17.55 in morning trading on the New York Stock Exchange.
