KLOX Technologies Inc. has reached an agreement for the sale of its professional in-dentists-office whitening kit business as well as its teeth-whitening pen business to Valeant Pharmaceuticals International Inc. (VRX: Quote,VRX.TO: Quote), which would be managed by its dental affiliate OraPharma Inc. According to the Sale, KLOX is assigning to Valeant its rights in the Business.
Valeant intends to introduce the products in the U.S. in early 2013 and is planning a smooth transition with existing partners. Financial terms comprise an upfront payment and a double-digit royalty stream based on product sales during the next 10 years.
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by RTT Staff Writer
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