Valeant Pharmaceuticals Keeps Buying

Valeant Pharmaceuticals International (NYSE: VRX) couldn’t keep its checkbook closed last week. On September 1, Valeant obtained the exclusive license to develop and commercialize brodalumab, a psoriasis drug candidate, from AstraZeneca (NYSE: AZN) for $100 million. Valeant will hold the exclusive rights to develop and commercialize brodalumab globally, except in Japan and certain other Asian countries where rights are held by Kyowa Hakko Kirin Co., Ltd. under a prior arrangement with Amgen Inc. (NASDAQ: AMGN), the originator of brodalumab. A day later, the company announced its acquisition of Synergetics USA, Inc. (NASDAQ: SURG), a medical device company specializing in surgical... Read More »

InSite Vision Sees a Better Offer

Back in June, InSite Vision Inc. (OTCBB: INSV), which focuses on specialty ophthalmic products for diseases of the eye, agreed to be acquired by QLT Inc. (NASDAQ: QLTI) in an all-stock transaction. QLT shareholders would own about 89% of the combined company, which would retain the QLT  name and be incorporated in Canada, thanks to QLT’s base in Vancouver, British Columbia. Last week, however, InSite informed QLT that a “multi-national pharmaceutical company” had made an unsolicited bid of $0.25 per share of INSV, which the target decided was a better offer than QLT made. QLT now has to match the proposed price, or terminate the agreement. Our bets are on Valeant Pharmaceuticals (NYSE:... Read More »