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Valeant Pharmaceuticals International, Inc.

Drug Names(s): LCP-FenoChol, fenofibrate

Description: Fenoglide is a patented formulation of fenofibrate using LifeCycle Pharma's proprietaryMeltDose technology. The technology is designed to provide enhanced absorption and greater bioavailability.

Deal Structure: LifeCycle and Sciele (Shionogi)
In May 2007, LifeCycle Pharma (LCP) announced that it has signed an exclusive license agreement with Sciele Pharma to market fenofibrate in the US, Canada, and Mexico, in 120 milligram and 40 milligram strengths. Under the terms of the agreement, LCP will receive an up-front payment of $5 million, milestone payments of up to $12 million upon FDA approval and meeting certain sales targets, and tiered mid-teen to high-teen royalty payments on product sales.

In September 2008, Shionogi & Co. and Sciele Pharma announced that they entered into a definitive agreement under which Shionogi & Co. will acquire Sciele Pharma. Under the terms of agreement and pursuant to a tender offer, Shionogi will acquire all the outstanding shares of Sciele's common stock at a price of $31 per share, for a total equity purchase price of approximately $1.1 billion. Upon completion of the acquisition, Sciele will become a wholly-owned subsidiary of Shionogi. The...See full deal structure in Biomedtracker

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