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Valeant Pharmaceuticals International, Inc.

Drug Names(s): pimecrolimus

Description: Elidel binds with high affinity to macrophilin-12 (FKBP-12) and inhibits the calcium-dependent phosphatase, calcineurin. It inhibits T cell activation by blocking the transcription of early cytokines. At nanometer concentrations, Elidel inhibits Interleukin-2 and interferon gamma (Th1-type) and Interleukin-4 and Interleukin-10 (Th2-type) cytokine synthesis in human T cells. This prevents the release of inflammatory cytokines and mediators from mast cells in vitro after stimulation by antigen/IgE.

Deal Structure: In April 2011, Novartis announced that it has signed an agreement to sell to Meda the global rights to manufacture, market and commercialize Elidel (pimecrolimus) Cream 1% to treat mild to moderate atopic dermatitis. Upon closing, Novartis will receive an upfront payment of USD 420 million from Meda which will assume the global manufacturing of Elidel within three years after closing. This acquisition closed in May 2011.

In June 2011, Meda and Valeant have entered into a collaboration agreement in which Valeant will acquire the rights to both Elidel (pimecrolimus 1% cream) and Xerese (acyclovir and hydrocortisone cream 5%/1%) from Meda for the U.S., Canada and Mexico.

Valeant will pay Meda initial payments of approximately $76 million and over the next 18 months, will pay a series of potential milestones and royalties totaling approximately $130 million. Thereafter, Valeant will pay a long term running double digit royalty rate on net sales of Elidel, Xerese and Zovirax...See full deal structure in Biomedtracker

Partners: Mylan Inc.

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