BUZZ-Valeant Pharmaceuticals extends gains on Walgreens distribution deal

Tue Dec 15, 2015 3:23pm EST
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(Updates share movement, prices)

** U.S.-listed shares of Valeant Pharmaceuticals International gain a fifth in value after co says it will slice prices on its skin and eye products through distribution deal with Walgreens Boots Alliance

** Stock hits $113 in afternoon trading on 1.5x its 25-day avg volume

** Valeant said it will discount prices by 10 pct and offer the drugs over next 6-9 mths under 20-year deal, which will take effect in Q1 2016

** CEO Michael Pearson said on CNBC co will focus on paying down debt next year before getting back to acquisitions and that Walgreens deal "more than replaces" Philidor

** Valeant, under siege over accusations of price gouging, severed ties with drug distributor Philidor in Oct

** Stock has now recovered more than 60 pct of its losses from mid-Nov lows, dramatically helping high profile investors, including William Ackman, Jeffrey Ubben and John Paulson, who rank among the top owners

** Valeant to host analyst day event on Wed