PDL BioPharma, Inc., of incline Village, has entered into a settlement agreement with Valeant Pharmaceuticals International, Inc. and its indirect subsidiary Valeant Pharmaceuticals Luxembourg S.à r.l.
The lawsuit was filed on Sept. 7 and relating to alleged underpayment of royalties by Valeant. Under the settlement, Valeant will pay a lump sum of $13 million and release all claims against it.
In another announcement, Neos Therapeutics, Inc., has rejected PDL BioPharma’s offer to acquire Neos.
On Oct. 26, PDL proposed to acquire Neos for $10.25 per share in cash.
