Valeant sells preclinical assets to Ardea

US firm Valeant Pharmaceuticals International has sold certain of its discovery and preclinical assets to Ardea Biosciences. This includes the rights to Valeant's HIV and cancer development programs.

Under the terms of the agreement, Ardea will make payments to Valeant on the achievement of clinical milestones for both HIV and cancer programs. Valeant will retain an option, exercisable upon the completion of Phase IIb studies by Ardea, to re-acquire rights to commercialize its HIV program outside the USA and Canada upon Ardea's completion of Phase III trials. Ardea will pay Valeant development milestones and royalties upon its commercialization of the HIV and cancer programs. Valeant will make milestone and royalty payments to Ardea related to the clinical advancement and commercialization of the HIV program should Valeant exercise its option to this.