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Valeant will pay $500 million in cash upfront and another
installment next year for Sprout and its controversial pink
pill, Addyi.
Addyi was approved on Tuesday by the U.S. Food and Drug
Administration for pre-menopausal women, after being rejected
twice over effectiveness concerns.
Addyi carries a strong warning about potentially dangerous low
blood pressure and fainting side effects, especially when taken
with alcohol.
Addyi, nicknamed the "female Viagra", does not work like Pfizer
Inc's <PFE.N> blockbuster drug. Unlike Viagra, which affects
blood flow to the genitals, Addyi activates sexual impulses in
the brain.
Valeant, which has long fueled its growth via acquisitions,
expects the deal to close in the third quarter and Addyi to be
available in the United States in the fourth quarter.
The Wall Street Journal first reported the deal on Wednesday.
(Reporting by Natalie Grover and Supriya Kurane in Bengaluru;
Editing by Anupama Dwivedi and Kirti Pandey)
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