Valeant receives U.S., Canadian rights for Zovirax

MISSISSAUGA, Ontario — Drug maker Valeant Pharmaceuticals International has acquired U.S. and Canadian rights to certain formulations of a GlaxoSmithKline drug used to treat cold sores.

Valeant announced Thursday that it had acquired the rights to nonophthalmic topical formulations of Zovirax (acyclovir) from GSK for $300 million through its Canadian subsidiary, Biovail Labs.

“We believe that Zovirax is a strong brand with continuing growth opportunities,” Valeant CEO J. Michael Pearson said. “The current distribution agreement between GSK and BLS was problematic for both companies, and this new arrangement should solve this issue for both organizations.”