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California, USA-based Valeant Pharmaceuticals International has entered into an agreement with Spear Pharmaceuticals for rights to commercialize Refissa, a prescription-based topical tretinoin cream used to diminish fine wrinkles and fade irregular pigmentation due to sun damage.

Under the terms of the deal, Valeant will pay Spear a $12 million upfront payment and the two companies will share net profits. Valeant will book sales and use its dermatology sales force to promote Refissa to dermatologists nationwide. The Refissa family of products had total sales of approximately $5 million in 2009.

"Our strategy is to offer a diverse portfolio of innovative, high quality products to dermatologists and their patients who want healthier looking skin," said Michael Pearson, chairman and chief executive of Valeant. "Refissa is the only 0.05% strength prescription tretinoin cream on the market that is fragrance-free and includes a moisturizing, emollient base that is proven to be clinically safe and effective. Adding this Food and Drug Administration-approved product to our portfolio should present a solid growth opportunity for our dermatology franchise," he noted.