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Valeant Gives $1 Billion Female Libido Pill Back to Old Owners

  • Deal ends lawsuit alleging bungled marketing of the pill
  • Valeant paid $1 billion in 2015 as part of acquisition spree
Valeant Pharmaceuticals International Inc. signage is displayed on a monitor on the floor of the New York Stock Exchange (NYSE) before the opening bell in New York, U.S., on Monday, March 21, 2016. Valeant Pharmaceuticals International Inc. shares were halted Monday morning in early trading, pending an announcement from the company, the New York Stock Exchange said.

Photographer: Michael Nagle/Bloomberg

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Valeant Pharmaceuticals International Inc. is getting out of the controversial female libido pill business -- but the deal it made in 2015 to buy the drug may continue to haunt its shareholders.

In a strange twist, the drugmaker said Monday it will give the pill -- acquired for $1 billion -- back to its original owners for almost nothing. In return, the owners will end a lawsuit alleging Valeant bungled marketing of the drug.