Valeant Pharmaceuticals International of Laval, Canada has found a new distribution partner in Deerfield, Ill.-based Walgreens Boots Alliance, according to The Wall Street Journal.
Under a 20-year agreement, Walgreens will sell more than 30 Valeant branded drugs at competitive generic prices. Walgreens will sell Valeant's signature skin and eye drugs at a 10 percent discount. The pharmacy chain will also implement Valeant-s copay-assistance program to help patients with out-of-pocket costs, according to the article.
"This [partnership] is going to drive growth," Valeant CEO Michael Pearson said during a CNBC interview.
Valeant had been looking for a new distribution partner to replace controversial mail-order pharmacy Philidor, which reportedly had close ties to Valeant and allegedly employed aggressive tactics to get insurers to pay for its drugs.
"Walgreens is always looking for ways to expand the products and services people want and need, and our agreement with Valeant advances our commitment to creating a patient-led pharmacy experience," Walgreen's President Alex Gourlay told The Wall Street Journal.