Valeant Pharmaceuticals International (VRX) announced Tuesday morning that its affiliate has entered into a collaboration agreement with AstraZeneca (AZN). The deal grants Valeant an exclusive license to develop and commercialize brodalumab.
Valeant will make an up-front payment to AstraZeneca of $100 million, as well as additional pre-launch milestones of up to $170 million and further sales-related milestone payments of up to $175 million.
Valeant Pharmaceuticals has gapped open lower Tuesday and is now down 1.91 at $228.69. The stock has slipped to nearly a 1-week low.
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