Valeant Settles for $142M in Disputes With Subsidiaries Medicis, Dow Pharma

Valeant Pharmaceuticals International agreed Oct. 28 to pay Anacor Pharmaceuticals $142 million for settlement of their disputes, which includes its subsidiary Medicis Pharmaceutical Corp.'s breach-of-contract lawsuit concerning an acne drug ((Medicis Pharm. Corp. v. Anacor Pharm., Inc.).

The disputes concern two Valeant subsidiaries—Dow Pharmaceutical Sciences Inc., which Valeant purchased in December 2008 for $250 million, and Medicis, which it acquired in December 2012 for $2.6 billion 6 LSLR 936, 9/21/12. The disputes began before the acquisitions.

The bulk of the settlement amount, $100 million, represented an arbitration award that was announced Oct. 17 for Dow Pharmaceutical Sciences’ ...