Valeant divests Infergen rights to Three Rivers

ALISO VIEJO, Calif. Valeant Pharmaceuticals International has completed its divestment of the rights to its hepatitis C drug Infergen in the U.S. and Canada to Three Rivers Pharmaceuticals.

Under the terms of the agreement, Valeant received from Three Rivers an initial payment of about $70.8 million in cash and will receive up to $20.5 million in two noncontingent payments over the next 18 months.

The company had been looking to sell the drug since the third quarter of 2007 due to poor sales.