Valeant buys ‘female Viagra’ maker Sprout for $1 Billion

Valeant Pharmaceuticals International Inc. agreed to pay about $1 billion in cash for Sprout Pharmaceuticals Inc., the U.S. drugmaker that this week received approval to sell a pill for low libido in women.

Valeant, with its headquarters in Montreal, is the largest pharmaceutical company in Canada. Its most popular products are Wellbutrin, an antidepressant, and Isuprel, a heart medicine, according to Reuters. Last month, the company reported a second-quarter revenue of $2.7 billion.

The U.S. Food and Drug Administration approved Addyi, which is aimed at treating low sexual desire in women, on Tuesday. The FDA had rejected the so-nicknamed “female Viagra” twice before over concerns about whether the benefits outweighed the side effects.

Valeant will keep Sprout’s leadership team and maintain its offices in Raleigh, according to the Journal. Addyi was due to go on sale Oct. 17.

Agencies/Canadajournal