Valeant Pharmaceuticals Intl Inc (NYSE:VRX) and Progenics Pharmaceuticals, Inc.(NASDAQ:PGNX) announced the U.S. commercial launch of RELISTOR® (methylnaltrexone bromide) Tablets, which is now available for prescribing. RELISTOR Tablets (450 mg once daily) were approved by the U.S. Food and Drug Administration (FDA) for the treatment of opioid-induced constipation (OIC) in adults with chronic non-cancer pain on July 19, 2016.
“We are very pleased to launch RELISTOR Tablets in the U.S. and provide an exceptional new treatment option for the millions of patients who suffer from extreme discomfort due to OIC,” said Joseph C. Papa, Chief Executive Officer of Valeant. “This new method of delivery for RELISTOR offers healthcare professionals a novel alternative to address the treatment of OIC – a growing need in pain management – and demonstrates Valeant’s continued commitment to delivering innovative products that improve people’s lives.”
In addition, RELISTOR Tablets will be highlighted during poster presentations at PAINWeek, the largest U.S. pain conference for frontline clinicians, in Las Vegas, Nevada, from September 6-10. The posters will include the following:
- Webster LR, Harper JR, Israel RJ. “Oral methylnaltrexone is efficacious and well tolerated for the treatment of opioid-induced constipation in patients with chronic noncancer pain taking concomitant methadone.” PAINWeek Poster, public viewing begins on Thursday, September 8 at 12:30 p.m. PT.
- Webster LR, Harper JR, Israel RJ. “Oral methylnaltrexone does not negatively impact analgesia in patients with opioid-induced constipation and chronic noncancer pain.” PAINWeek Poster, public viewing begins on Thursday, September 8 at 12:30 p.m. PT.
The RELISTOR Tablets data will also be presented by Steven Simon, M.D., Professor of Pathology, University of Miami Health System, during a product theatre, “Opioid-Induced Constipation When Reliable and Rapid Relief Matters,” on Friday, September 9 at 8 a.m. PT. (Original Source)
Shares of Valeant Pharmaceuticals are up nearly 2% to $30.15 in pre-market trading. VRX has a 1-year high of $245.82 and a 1-year low of $18.55. The stock’s 50-day moving average is $26.17 and its 200-day moving average is $32.40.
On the ratings front, Valeant has been the subject of a number of recent research reports. In a report issued on August 25, Morgan Stanley analyst David Risinger reiterated a Buy rating on VRX, with a price target of $42, which represents a potential upside of 42.5% from where the stock is currently trading. Separately, on August 19, Piper Jaffray’s David Amsellem reiterated a Sell rating on the stock and has a price target of $22.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, David Risinger and David Amsellem have a total average return of -1.6% and -6.3% respectively. Risinger has a success rate of 46% and is ranked #3255 out of 4147 analysts, while Amsellem has a success rate of 42% and is ranked #3852.
The street is mostly Neutral on VRX stock. Out of 15 analysts who cover the stock, 8 suggest a Hold rating , 5 suggest a Buy and 2 recommend to Sell the stock. The 12-month average price target assigned to the stock is $35.00, which implies an upside of 19% from current levels.
Valeant Pharmaceuticals International, Inc. is a multinational specialty pharmaceutical company that develops manufactures and markets a broad range of pharmaceutical products primarily in the areas of dermatology, eye health, neurology, and branded generics. The company operates through two operating and reportable segments: (i) Developed Markets and (ii) Emerging Markets. The Developed Markets segment consists of (i) sales in the U.S. of pharmaceutical products, OTC products, and medical device products, as well as alliance and contract service revenues, in the areas of eye health, dermatology and podiatry, aesthetics and dentistry, (ii) sales in the U.S. of pharmaceutical products indicated for the treatment of neurological and other diseases, as well as alliance revenue from the licensing of various products it developed or acquired, and (iii) pharmaceutical products, OTC products, and medical device products sold in Canada, Australia, New Zealand, Western Europe and Japan. The Emerging Markets segment consists of branded generic pharmaceutical products and pharmaceuticals, OTC products, and medical device products. Products are sold primarily in Central and Eastern Europe (primarily Poland and Russia), Asia, Latin America (Mexico, Brazil, and Argentina and exports out of Mexico to other Latin American markets), Africa and the Middle East.