A Canadian pharmaceutical company announced plans Thursday morning to buy the creator of the recently approved female libido enhancer Addyi. Valeant Pharmaceuticals International, Inc. will purchase the privately owned, Raleigh-based Sprout Pharmaceuticals for about $1 billion, the Wall Street Journal exclusively reported.
Valeant, with its headquarters in Montreal, is the largest pharmaceutical company in Canada. Its most popular products are Wellbutrin, an antidepressant, and Isuprel, a heart medicine, according to Reuters. Last month, the company reported a second-quarter revenue of $2.7 billion.
The U.S. Food and Drug Administration approved Addyi, which is aimed at treating low sexual desire in women, on Tuesday. The FDA had rejected the so-nicknamed "female Viagra" twice before over concerns about whether the benefits outweighed the side effects.
Valeant will keep Sprout's leadership team and maintain its offices in Raleigh, according to the Journal. Addyi was due to go on sale Oct. 17.