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Valeant snaps up 'Female Viagra' maker Sprout for $1 billion

A trademark piece of fast dealing from the acquisition-driven Canadian company.

The ink is hardly dry on the approval letter from the Food and Drug Administration, but the makers of Addyi, the ‘Female Viagra’, have decided it’s time to cash out.

Canadian-based Valeant Pharmaceuticals VRX -2.02% said Thursday it’s agreed to buy Sprout Pharmaceuticals Inc. for an initial $1 billion in cash, generating an immediate and hefty pay-day for the pint-sized Raleigh, NC-based firm. The bill may rise as Addyi passes certain (unspecified) milestones in sales and...