Valeant Pharmaceuticals International has entered
into an agreement with Spear Pharmaceuticals, Inc. for rights to commercialize
Refissa, a prescription-based topical tretinoin cream used to diminish fine
wrinkles and fade irregular pigmentation due to sun damage. Valeant will pay
Spear a $12 million upfront payment and the two companies will share net
profits. Valeant will book sales and use its dermatology sales force to
promote Refissa to dermatologists nationwide. The Refissa family of
products had total sales of approximately $5 million in 2009.
“Our strategy is to offer a diverse portfolio of innovative, high quality
products to dermatologists and their patients who want healthier looking
skin,” said J. Michael Pearson, chairman and chief executive officer of
Valeant. “Refissa is the only 0.05% strength prescription tretinoin cream on
the market that is fragrance-free and includes a moisturizing, emollient base
that is proven to be clinically safe and effective. Adding this FDA approved
product to our portfolio should present a solid growth opportunity for our
dermatology franchise.”
“This strategic partnership will allow us to maximize the commercial
success of Refissa,” stated K.L. Spear, M.D., dermatologist and president of
Spear Pharmaceuticals. “Valeant’s well-regarded sales force will provide us
with greater access to communicate and educate dermatologists about the
benefits of Refissa, which is the only topical retinoid on the market
approved for all three of the following indications: fine wrinkles,
hyperpigmentation, and tactile roughness of the skin. I am excited to be
working with a company as dedicated to the dermatology market as Valeant.”
