ALISO VIEJO, Calif. (AP) Valeant Pharmaceuticals International said Friday it received an upfront payment of $125 million for a collaboration with GlaxoSmithKline to develop a new epilepsy treatment. In August, Valeant announced the deal, which includes its late-stage development drug retigabine. The company is also eligible to receive up to $825 million under the deal. If retigabine proceeds through regulatory approval and reaches the market, GlaxoSmithKline will pay Valeant up to $545 million. Valeant could receive up to $150 million for the development and sales of another drug candidate, VRX698. Valeant will receive half the net profits from sales of retigabine in the U.S., Canada, Australia, New Zealand and Puerto Rico, and will receive a 20 percent royalty on sales in other countries. The companies plan to seek Food and Drug Administration approval and European marketing approval by early 2009.
