More Valeant Humiliation: Will The Messiness Ever End?
Valeant experienced more humiliation last week, with Sequoia Fund completely exiting its position, the former CEO dumping about 5 million shares and the FDA raising suicide concerns with brodalumab, likely limiting its market potential.
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Valeant Pharmaceuticals International Inc. started the week out strong – winning approval to market an oral formulation of Relistor and gaining an FDA advisory committee's backing to sell the company's plaque psoriasis drug brodalumab. But that winning streak came to an abrupt halt with the agency's rejection of the firm's eye treatment latanoprostene bunod.
Advisory committee will hear agency reviewers' different conclusions on plaque psoriasis drug's approvability due to potential psychiatric effects and whether a REMS can help mitigate the risks.
More than 800 pages of documents released by the Senate Aging Committee revealed often intense emails last fall from activist shareholder Bill Ackman to Valeant Pharmaceuticals International Inc. warning it was on the "brink of catastrophe" and needed to fess up about its relationship with Philidor Rx Services Inc.