July 10, 2017 / 2:18 PM / in 3 months

BUZZ-Valeant Pharmaceuticals: Up after $811 mln debt payment

** U.S.-listed shares of Canadian drugmaker up 3.4 pct at $16.78

** Says paid down $811 mln of debt with proceeds from the sale of Dendreon Pharmaceuticals LLC, its latest effort to trim long-term debt that totaled $28.9 bln as of March 31, 2017

** Former CEO’s acquisition spree sent the drugmaker’s shares from around $20 to a high of over $250 in 2015, before the stock went into a tailspin as Valeant’s drug pricing strategy and ties to a specialty pharmacy came under scrutiny

** We have met all mandatory amortization requirements through 2019 - CEO Joseph Papa

** 3 of 21 brokerages rate the stock “buy” or higher, 13 “hold” and 5 “sell” or lower; median PT $15

** Up to Friday’s close, U.S. stock had fallen nearly 54 pct since May 3, 2016, when Joseph Papa took over as CEO

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