BUZZ-Walgreens comments spur Valeant Pharma to best day in 3 mths

Wed Jul 6, 2016 1:41pm EDT
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** Canadian drugmaker's U.S.-listed shares up 12.6 pct at $22.45, set for their best day in three months

** Leerink analysts note Walgreens Boots Alliance highlighted its relationship with Valeant is good: "Walgreens does not accept any 'risk' tied to Valeant products and they are paid for services that they provide, so exposure is limited."

** Valeant reached a deal in December to distribute its drugs through pharmacy chain Walgreens, but has since tried to restructure the deal

** "We are satisfied and pleased with performance in the dermatology business the volume is as expected and remember ... We're not paid on the margin so we're satisfied the relationship is good," Walgreens CEO Stefano Pessina says

** Also, Valeant's Bausch + Lomb and France's Nicox report positive phase 3 results for an eye drug

** Up to Tuesday's close, stock had fallen 80 pct this year