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Valeant Pharmaceuticals to buy 'female Viagra' maker for $1bn 'Female Viagra' maker Sprout to be sold to Valeant for $1bn
(35 minutes later)
Valeant Pharmaceuticals will pay about $1bn to buy Sprout Pharmaceuticals, the maker of the first prescription drug intended to boost sexual desire in women.Valeant Pharmaceuticals will pay about $1bn to buy Sprout Pharmaceuticals, the maker of the first prescription drug intended to boost sexual desire in women.
The deal announced on Thursday comes a day after US regulators approved the pill.The deal announced on Thursday comes a day after US regulators approved the pill.
Valeant expects the Sprout pill, Addyi, to be available in the US in the fourth quarter. The deal to buy the company should close in this quarter.Valeant expects the Sprout pill, Addyi, to be available in the US in the fourth quarter. The deal to buy the company should close in this quarter.
The Food and Drug Administration’s approval of Addyi on Wednesday was a milestone long sought by drugmakers, which have made billions off impotence drugs for men.The Food and Drug Administration’s approval of Addyi on Wednesday was a milestone long sought by drugmakers, which have made billions off impotence drugs for men.
Sprout’s drug is intended to treat women who report emotional stress due to a lack of libido. It acts on brain chemicals that affect mood and appetite. The approval of Addyi, known generically as flibanserin, marks a turnaround for the FDA, which previously rejected the drug twice due to lackluster effectiveness and side-effects.Sprout’s drug is intended to treat women who report emotional stress due to a lack of libido. It acts on brain chemicals that affect mood and appetite. The approval of Addyi, known generically as flibanserin, marks a turnaround for the FDA, which previously rejected the drug twice due to lackluster effectiveness and side-effects.
Related: FDA approval of 'female Viagra' leaves bitter taste for criticsRelated: FDA approval of 'female Viagra' leaves bitter taste for critics
Sales of the drug are expected to be affected by a strong warning label attached to it and an FDA-imposed safety plan for prescribing. The warning will alert doctors and patients to the risks of dangerously low blood pressure and fainting, especially when the pill is combined with alcohol.Sales of the drug are expected to be affected by a strong warning label attached to it and an FDA-imposed safety plan for prescribing. The warning will alert doctors and patients to the risks of dangerously low blood pressure and fainting, especially when the pill is combined with alcohol.
Under the safety plan, doctors will only be able to prescribe Addyi after completing an online certification process that requires counselling patients about the drug’s risks. Pharmacists also will need certification and be required to remind patients not to drink alcohol while taking the drug.Under the safety plan, doctors will only be able to prescribe Addyi after completing an online certification process that requires counselling patients about the drug’s risks. Pharmacists also will need certification and be required to remind patients not to drink alcohol while taking the drug.
Valeant plans to pay about $500m at closing for Raleigh, North Carolina-based Sprout. The Canadian drugmaker will then make another milestone-based payment of around $500m in the first quarter of next year.Valeant plans to pay about $500m at closing for Raleigh, North Carolina-based Sprout. The Canadian drugmaker will then make another milestone-based payment of around $500m in the first quarter of next year.