Valeant Pharmaceuticals International, Inc. (NYSE:VRX) [Detail Analytic Report] slightly up in early session on Friday as the man widely believed to have been instrumental in Bill Ackman’s investing in Valeant Pharmaceuticals International Inc., Bill Doyle is leaving Pershing Square, according to the hedge fund. Ackman stated in a letter to investors that the demands of overseeing Novocure and managing its relationship with its shareholders and other stakeholders have made it infeasible for Bill to continue as a member of investment team. Doyle serves as executive chairman of Novocure Ltd., a cancer-therapy firm
A classmate of Ackman from Harvard Business School, Doyle was also a friend of Michael Pearson, who was the former CEO of Valeant (VRX) The New York Times reported that Ackman initially met with Pearson in 2014, following Doyle joined Pershing Square, to discuss a joint hostile offer on Allergan, which ultimately failed.
Ackman added that there is much work to do at Valeant. It will take time for Valeant to regain its stakeholders’ trust. The hedge-fund manager also anticipated that Valeant will win back the market’s confidence despite its ongoing existential crisis. “Over time under Joe’s leadership, we expect the market to rerate Valeant to a substantially higher valuation reflective of its underlying business,” Ackman stated.
Teva Pharmaceutical Industries Limited (NYSE:TEVA) [Detail Analytic Report]decaled that seven firm -sponsored abstracts will be presented at 2016 American Thoracic Society (ATS) International Conference in San Francisco, California on May 13-18, 2016. Two CINQAIR abstracts are based on efficacy data pooled from two 52-week placebo-controlled examinations. The first abstract describes association among early improvements in lung function and asthma symptoms, and the frequency of asthma exacerbations.
The second abstract evaluated effect of CINQAIR on need for rescue systemic corticosteroid use. Both abstracts will be presented during a thematic poster session focused on eosinophilic airway disease. A third CINQAIR abstract focused on the steady-state pharmacokinetic profile across a range of patient body weight categories in support of weight-based dosing for intravenous CINQAIR.
Mylan N.V. (NASDAQ:MYL) [Analytic Report]released that its U.S. launch of Frovatriptan Succinate Tablets 2.5 mg, a generic version of Endo’s Frova Tablets. Mylan attained final authorization from the U.S. Fda for its Abbreviated New Drug Application (ANDA) for this product, which is used to treat acute migraine headaches in adults. Presently, Mylan has 260 ANDAs pending FDA authorization representing $109.1B in yearly brand sales, according to IMS Health. Forty-seven of these pending ANDAs are possible first-to-file opportunities, representing $37.5B in yearly brand sales, for the 12 months ending December 31, 2015, according to IMS Health.
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