Valeant Pharmaceuticals and Meda AB have agreed to form joint ventures in Australia, Canada and Mexico to develop, market and commercialize certain current and future products. The joint ventures will be majority-owned by Meda; Valeant will own a minority interest. The joint ventures will initially include insomnia drug Sublinox and pain drug flupertine, with the option to include additional products in the future.
    
“I am delighted to join Meda in a strategic partnership that will provide new opportunities for both companies,” said J. Michael Pearson, chairman and chief executive officer. “Through these joint ventures, Valeant will be able to increase the leverage of our business operations in Canada, Mexico and Australia, while opening up new market opportunities for Meda.”
   
“We are very pleased to be able to join Valeant in the creation of these three joint ventures,” said Anders Lonner, chief executive officer of Meda. “Long-term partnerships are a fundamental cornerstone of Meda’s strategy and I believe that this collaboration will yield long-term benefits for both companies.”
   
Meda recently agreed to acquire Valeant’s pharmaceutical business in western and eastern Europe for $181 million. The majority of the acquired products are within Meda’s key therapy areas; neurology and dermatology. The major markets are Germany, UK, Italy, Spain and Russia.