Profile image
By ETF Daily News (Reporter)
Contributor profile | More stories
Story Views

Last Hour:
Last 24 Hours:

Valeant Pharma Shares Surge 25% on Unit Sale Report

Tuesday, November 1, 2016 13:09
% of readers think this story is Fact. Add your two cents.

biotechEmbattled biotech giant Valeant Pharmaceuticals Intl Inc (NYSE:VRX) shares flew higher in late trading today, after a report said the company is in talks to sell one of its valuable drug units.

According to the Wall Street Journal, Valeant is looking to jettison its Salix stomach-drug business for approximately $10 billion.

Once-mighty Valeant has seen its share price drop over 90% from its mid-2015 peak. The company’s prior growth was fueled by high-profile roll-ups of biotech treatments, but the prices of its drugs have come under fire as it now faces federal fraud charges. The company has replaced most of its upper management over the past year amid a far-reaching turnaround plan.

A long-standing rumor linked fellow biotech Allergan as a possible takeover suitor, but that company dumped cold water on that idea during a CNBC interview in September.

Valeant’s last resort to put a floor under its shares and keep its company in business is likely to sell off some of its most valuable assets in an effort to remain afloat, hence the Salix sale news today. Otherwise, the company some are calling “The Next Enron” could well live up to its dubious moniker.

VRX shares rose $4.61 (+25.84%) to $22.45 in late trading Tuesday. Year-to-date, Valeant has plunged $79.48%.


You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (


We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Top Global

Top Alternative




Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.