Valeant Pharmaceutical has agreed to divest Paragon Holdings after its acquisition was challenged by the U.S. Federal Trade Commission. Both Valeant and Paragon make polymer discs used in the manufacture of rigid gas permeable contact lenses. Paragon's business will be sold to a new company led by Joe Sicari, former president of Paragon. The new firm, called Paragon Companies, will also take over Pelican Products, a contact lens packaging company that makes vials to ship GP lenses.