February 16, 2017 / 5:32 PM / 8 months ago

BUZZ-Valeant Pharmaceuticals: Falls on "restrictive" labeling of psoriasis drug

(Updates)

** Canadian drugmaker’s U.S.-listed shares down 2.9 pct at $16.37

** U.S. FDA approves Valeant's injectable drug, Siliq, to treat adults with moderate-to-severe plaque psoriasis with a boxed warning - the severest warning from FDA - to mitigate the risk of suicide (bit.ly/2l9Da9c)

** Siliq will compete with Eli Lilly and Co’s Taltz and Novartis AG’s Cosentyx

** Mizuho Securities analyst Irina Koffler, noted the more “restrictive” label for Siliq, saying that Valeant’s pipeline might not provide sufficient growth to offset declines of its older products

** According to a survey conducted by Wells Fargo, doctors indicate that even if Siliq had been approved without a restrictive label, they would prescribe to only 7 pct of patients

** “Siliq is a sub-competitive drug in a competitive market that Valeant cannot afford to compete in” - Wells Fargo analysts conclude in a note

** Up to Wednesday’s close, stock had fallen about 81 pct in past 12 months

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