Valeant sells Asia unit to Invida

USA-based Valeant Pharmaceuticals International says it has completed the sale of its Asia-Pacific operations to Singapore-headquartered Invida Pharmaceuticals for a one-time payment of about $37.8 million in cash. Under the terms of the agreement, Invida will acquire Valeant's current licensing rights and commercial operations in Asia-Pacific for the products now sold in 12 Asian markets, including Singapore, the Philippines, Taiwan, Korea and China. Certain product rights in Japan are also included in the transaction, says the US drugmaker.

The divestment comprises around 230 stock-keeping units, including global brands such as the medical skin care products Kinerase, Dermatix and Efudix, the latter being a cream which contains 5-fluorouracil which is effective for some pre-cancerous skin conditions.

"The sale of our Asian markets and operations to Invida is an important first step in simplifying our business," said Michael Pearson, Valeant's chief executive, noting that "Asia Pacific was a subscale operation for Valeant and was diverting unnecessary management attention and resources."