PromiusTM 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, PromiusTM 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 PromiusTM Pharma, said, "We are very pleased to have formed a partnership with Valeant to market Cloderm® Cream in the United States, where PromiusTM 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."
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