August 9, 2016 / 11:42 AM / 2 years ago

CORRECTED-BUZZ-Valeant Pharmaceuticals: To reorganize, maintains FY forecast

(Corrects record high to $263.81 from $253.57 in last bullet; also corrects percentage decline to “more than 90 pct” from “about 90 pct”)

** Canadian drugmaker’s U.S.-listed shares up 6.9 pct at $24 premarket

** Says it will reorganize, and maintains its FY forecast, as it attempts to restore investor confidence after facing a storm of criticism over its business practices

** Valeant reports 11 pct fall in Q2 revenue, missing the average analyst estimate

** Mizuho analysts expect continued declines moving forward since the company can no longer make significant price increases and faces increased generic competition for many of its “top 30” products

** Valeant says had divested the North American rights to the hereditary angioedema drug, Ruconest, to Netherlands-based Pharming Group NV in deal worth up to $165 million

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

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