Canada giant Valeant Pharmaceuticals announced on Thursday it will buy Sprout Pharmaceuticals, maker of the first FDA-approved treatment for low sexual desire in women, for about $1 billion plus milestones.
After being rejected twice before, Sprout's controversial Addyi won FDA approval on Tuesday, with a strict monitoring program to guard against safety risks associated with the drug.
Sprout will become a unit of Valeant, keeping its headquarters in Raleigh, N.C. Valeant plans to retain Sprout’s leadership team as they complete preparations to begin sales of Addyi later this year.
According to Valeant CEO Michael Pearson, Valeant has more resources than Sprout to move quickly, introducing Addyi to markets outside the U.S.
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