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 US$ 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 US$ 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 per cent 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 US 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, 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."

Most dermatologists view topical retinoids as the cornerstone of treatment for sun damaged skin and acne.

Valeant Pharmaceuticals International is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of neurology and dermatology.