Valeant Pharmaceuticals ( VRX), a research-based pharmaceutical company, said it will get $34 million in resolving a dispute with Serbia over their Galenika joint venture.

Valeant said it collected $28 million and expects Serbia to pay the remaining $6 million in the first quarter of 2007.

"The fact that we reached an agreement and received payment from the Republic of Serbia reflects positively on both parties," said CEO Timothy C. Tyson. "I am delighted that we were able to reach common ground and end this matter."

The dispute began in 1999 when the Serbia initiated an arbitration regarding the ownership and operation of the Galenika joint venture.
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