BUZZ-Valeant Pharmaceuticals: Biggest intraday pct jump in more than a decade

Tue Aug 9, 2016 12:55pm EDT
 
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(Updates)

** Canadian drugmaker's U.S.-listed shares rise as much as 20 percent to $26.99 - stock's biggest intraday pct jump in nearly 11 years

** Valeant says it will reorganize to focus on businesses such as eye care and dermatology and sell billions of dollars of non-core assets

** Last fall, political concerns about Valeant's sharp drug prices and investor scrutiny of its dealings with pharmacy Philidor RX pushed shares down sharply

** Congress and several U.S. government agencies also opened investigations and the company restated earnings earlier this year

** Valeant has received unsolicited interest for its core assets, although the company is not actively shopping them, Chief Executive Officer Joe Papa said on Tuesday

** Up to Monday's close, Valeant's U.S shares had lost more than 90 pct of their value since hitting a record high of $263.81 last August