Valeant to pay $12M to Spear Pharmaceuticals for wrinkle cream commercialization rights

Valeant to pay $12M for rights to Refissa cream

ALISO VIEJO, Calif. — Valeant Pharmaceuticals International said Monday it will pay $12 million for rights to commercialize the wrinkle cream Refissa.

The Aliso Viejo, Calif., company said it will pay Spear Pharmaceuticals Inc. for the rights, and the companies will share profits. Refissa is used to diminish fine wrinkles and fade irregular pigmentation due to sun damage.

Valeant said sales of the Refissa family of products totaled about $5 million last year.

Valeant shares rose 62 cents to $37.84 in Monday afternoon trading. Earlier in trading shares set a 52-week peak of $37.85.