Valeant Pharmaceuticals International said Monday that mid-stage clinical trial results for a hepatitis C drug candidate were encouraging.
The Aliso Viejo-based drug maker said it was going to license the rights to taribavirin as part of a strategic shift away from drugs to treat infectious diseases.
Valeant said 48-week data from the end of treatment suggested that taribavirin was comparable to ribavirin, Valeant’s longtime standard of care for hepatitis C, a liver disease that now faces generic rivals.
Analysts once suggested that taribavirin’s progress would be one of the keys to Valeant’s future growth.
But that was before the company embarked on an ongoing makeover, including job cuts and exiting certain businesses.
Valeant’s shares closed up 7% on a market value of about $1.6 billion.
