Valeant, Promius sign deal to market Cloderm Cream

Promius^TM Pharma, LLC, an affiliate of Dr. Reddy's Laboratories (NYSE:RDY), and Valeant Pharmaceuticals International, Inc. (NYSE:VRX)(TSX:VRX) today jointly announced that they have signed a collaboration agreement for Cloderm® (clocortolone pivalate 0.1%) Cream. Under the agreement, Promius^TM Pharma will make an upfront payment and pay future royalties as the consideration for the right to manufacture, distribute and market Cloderm® Cream in the United States, effective immediately. The financial terms and conditions of the agreement have not been disclosed.

Raghav Chari, Senior Vice President, Proprietary Products and Head of Promius^TM Pharma, said, "We are very pleased to have formed a partnership with Valeant to market Cloderm® Cream in the United States, where Promius^TM Pharma is building a strong commercial and clinical presence. Cloderm® Cream is a time-tested product and has strong recognition among dermatologists. The addition of this product will bolster our ongoing efforts to build a successful prescription branded franchise in the US, and specifically contribute to Promius' goal to become a leader in the field of medical dermatology."