Valeant Pharmaceuticals (VRX) Surges on Regulatory Submission for Marketing Approval of Contrave in Canada

 

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Shares of Valeant Pharmaceuticals International, Inc. (NYSE:VRX) climbed 4.88% (or +$0.42) to $9.02 on Tuesday’s trading session after Orexigen Therapeutics, Inc. (Nasdaq:OREX) said that Health Canada accepted for review a New Drug Submission for marketing approval of Contrave (naltrexone HCl and bupropion HCl), which was filed by an affiliate of the Canadian pharmaceutical and medical device company.

If the Government Agency Health Canada approves Contrave, Valeant will market and distribute the obesity drug in Canada as part of an existing distributorship deal with Orexigen.

Valeant Pharmaceuticals International, which develops, manufactures, and markets pharmaceuticals, OTC products, and medical devices worldwide, has 341.19M shares outstanding market capitalization (intraday) of $3.11B and VRX stock 52-week range is from $8.31 and $38.50 per share.

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