NEW YORK (AP) — Valeant Pharmaceuticals has a new distribution deal with Walgreens, sending shares of the beleaguered drug company up sharply before the opening bell.
The company said Tuesday that the agreement will help to lower the prices of its branded prescription-based dermatological and ophthalmological products by 10 percent. The reduced pricing will apply to the wholesale list prices of the products and be phased in over the next six to nine months. The deal also covers over-the-counter products made by Valeant Pharmaceuticals International Inc.
The deal will allow consumers to get Valeant's dermatology and ophthalmology products — including Luzu and Zylet — at a lower out-of-pocket cost from more than 8,000 Walgreens U.S. retail pharmacy locations and participating independent retailers.
The 20-year deal takes effect early next year.