FDA Orphan Designation for Exelixis’ (EXEL) Drug; Valeant Pharmaceuticals Intl (VRX) Closes $1.3B Sale Deal

 

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The U.S. Food and Drug Administration (FDA) has decided to give orphan drug designation to Exelixis, Inc.‘s (Nasdaq:EXEL) cabozantinib for the treatment of hepatocellular carcinoma, the most common type of liver cancer.

A year ago, Exelixis licensed cabozantinib to Ipsen SA (OTCMKTS:IPSEY). As part of the deal, the France-based pharmaceutical company has exclusive commercialization rights for the oncology drug outside of the U.S., Canada and Japan while Exelixis maintains commercial rights for cabozantinib in the U.S. and Canada.

EXEL stock finished Friday’s trading session in positive territory by 4.96% (or +$1.09) at $23.08 and 5.75M of its shares changed hands during the day.

Exelixis, which is engaged in developing small molecule therapies for the treatment of cancer, has 290.87M shares outstanding, market capitalization (intraday) of $6.71B and EXEL stock 52-week range is between $3.55 and $23.49 per share.

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Valeant Pharmaceuticals International, Inc. (NYSE:VRX) said Friday that it has closed the previously reported sale of its CeraVe, AcneFree and AMBI skin-care product lines to French cosmetics company L’Oréal SA (OTCMKTS:LRLCY) for $1.3 billion in cash, adding that it will use the sale proceeds to repay term-loan debt.

Shares of the Canadian pharmaceutical and medical device company fell to touch a new 52-week low of $12.90 in intraday trading Friday, finally closing at $13.06, down $0.69 (or -5.02%).

Valeant Pharmaceuticals International, which develops, manufactures, and markets pharmaceuticals, OTC products, and medical devices worldwide, has 341.19M shares outstanding, market capitalization (intraday) of $4.54B and VRX stock one-year range is now from $12.90 to $70.43 per share.

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