Valeant Is Selling Female Libido Pill Back To Former Owner, But Is Drug ‘Dead In The Water’?
The drug, Addyi, garnered lots of attention and controversy when it was approved by the Food and Drug Administration, but then it flopped.
Valeant Sells Its Addyi Female Libido Pill To Former Owners, But Will It Ever Catch On?
Will the Addyi female sexual dysfunction pill ever generate any excitement? Two years after betting $1 billion on the drug, Valeant Pharmaceuticals (VRX) has agreed to sell Sprout Pharmaceuticals, which initially won regulatory approval for the drug, back to its shareholders. The deal ends a lawsuit filed against the drug maker by former Sprout shareholders – and Valeant is providing a $25 million loan. (Silverman, 11/6)
Valeant Gives $1 Billion Female Libido Pill Back To Old Owners
Valeant Pharmaceuticals International Inc. is getting out of the controversial female libido pill business -- but the deal it made in 2015 to buy the drug may continue to haunt its shareholders. In a strange twist, the drugmaker said Monday it will give the pill -- acquired for $1 billion -- back to its original owners for almost nothing. In return, the owners will end a lawsuit alleging Valeant bungled marketing of the drug. (Koons, 11/6)
In other pharmaceutical news —
Lawmakers Defend 'Unprecedented' Pentagon Health Panel, Which Could Undermine FDA
The Defense Department — and not FDA — would have the power to approve drugs and medical devices under the defense policy bill that's being hammered out by a conference committee, alarming congressional health staff and HHS who say it would undermine medical safety and potentially put soldiers at risk. But the lawmakers backing the bill, including House Armed Services Chairman Mac Thornberry (R-Texas), say the measure is necessary and even overdue. (Diamond, 11/6)