08/20/2015 10:30 EDT | Updated 08/20/2016 05:59 EDT

Canadian Company Valeant Pharma To Spend $1 B On Maker Of Female Viagra

Valeant Pharmaceuticals will pay about $1 billion to buy Sprout Pharmaceuticals, the maker of the first prescription drug designed to boost sexual desire in women.

The deal Thursday comes one day after regulators approved the pill.

Valeant expects the Sprout pill, Addyi, to be available in the United States in the fourth quarter. The deal to buy the company should close in this quarter.

The Canadian drugmaker will pay about $500 million at closing for Sprout and then make another milestone-based payment of around $500 million in the first quarter of next year.

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