"Two drug makers with sometimes stormy pasts, Biovail and Valeant Pharmaceuticals International, said Monday that they had agreed to merge in a $3.2 billion deal." The new company "will retain the Valeant name," and "will focus on four areas, including treatments for the skin and for neurology, and is expected to have more than $175 million in savings by the second year."
Up "to 20 percent of the workers of the combined company will lose their jobs." The AP also adds that Biovail's "most advanced" drug "is Staccato loxapine, which is designed to treat agitation in patients with schizophrenia and bipolar disorder. The Food and Drug Administration is scheduled to make a ruling on the drug in the fall."
The new company, which will be based in Mississauga, Ontario, also will focus on specialty drugs for the central nervous system and dermatology, in addition to branded generics in Canada and in emerging markets. Biovail CEO Bill Wells told that the deal solidified the company's position in specialty neurology, adding, "We've achieved with this deal what I only hoped we'd be able to do in 10 years."
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