Valeant Pharmaceuticals International said Thursday that it will sell Infergen, a hepatitis C drug, to Three Rivers Pharmaceuticals LLC for $91.3 million.
The Aliso Viejo drug maker will get $70.8 million in cash and up to $20.5 million in two payments during the next 18 months.
In November Valeant said it planned on selling Infergen, which accounted for $8.6 million in sales and costs of about $18.6 million in the quarter.
Selling Infergen to Cranberry Township, Pa.-based Three Rivers “is an important step forward” in simplifying Valeant’s operations, Chief Executive Timothy Tyson said in a release.
Valeant acquired Infergen in 2006 for $113.5 million from InterMune Inc., a Bay area company.
Valeant’s sales have been lagging, and some on Wall Street have argued it needs a blockbuster drug.
Tyson has said the company has other drugs in its pipeline that show potential, including retigabine, an epilepsy treatment.
The deal is expected to close in the first quarter.
