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Why Valeant Pharmaceuticals Intl Inc (VRX) Stock Is Higher Today

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

Valeant Pharmaceuticals Intl Inc (NYSE:VRX) stock was up today on news that some of its manufacturing issues are being resolved.

Why Valeant Pharmaceuticals Intl Inc (VRX) Stock Is Higher Today
Why Valeant Pharmaceuticals Intl Inc (VRX) Stock Is Higher Today

Source: Wikimedia (Modified)

The manufacturing issues that the company was facing were connected to an investigation by the U.S. Food and Drug Administration (FDA). The investigation is taking place at the company’s facility in Tampa, Fla. The facility is makes Bausch + Lomb products.

Valeant Pharmaceuticals Intl Inc notes that the FDA is planning to give the facility a Voluntary Action Indicated VAI classification. This means that “objectionable concerns” were seen by regulators, but that they weren’t severe enough to warrant further action.

Valeant Pharmaceuticals Intl Inc says that the VAI classification will prevent manufacturing issues that further regulator actions could have caused. This includes upcoming regulatory submissions that are being canceled for certain products.

“Following continued close collaboration with FDA inspectors, today, the FDA confirmed that all issues related to a Current Good Manufacturing Practice inspection at the Tampa facility are being satisfactorily resolved, and VAI status will soon be granted to the facility,” Joseph Papa, Chairman and CEO of Valeant Pharmaceuticals Intl Inc, said in a statement. “We expect this to facilitate our current and upcoming regulatory submissions of products manufactured at the facility.”

Valeant Pharmaceuticals Intl Inc also announced a Supplemental New Drug Application. This application is for the Tampa facility and came one day before the news of the VAI classification. It will have the company testing drug substance for Alaway there.

VRX stock was up 3% as of Thursday morning.

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As of this writing, William White did not hold a position in any of the aforementioned securities.

The post Why Valeant Pharmaceuticals Intl Inc (VRX) Stock Is Higher Today appeared first on InvestorPlace.

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