Aliso Viejo-based Valeant Pharmaceuticals International reported final trial results for a hepatitis C treatment that it said showed the drug to be as effective as the standard treatment and signed a deal with Schering-Plough Corp. to develop and market the drug in Japan.
Valeant? Taribavirin drug showed comparable effectiveness to a combination of ribavirin and protein pegylated interferon, the standard treatment for liver disease hepatitis C.
For years, ribavirin was Valeant? flagship drug before declining in recent years amid generic competition.
The company has pegged its hopes on Taribavirin as a successor, with mixed results in earlier clinical trials and some skepticism among analysts.
Valeant plans to present full final data for Taribavirin at the American Association for the Study of Liver Disease later this year.
Schering-Plough is set to pay Valeant $2 million upfront and royalties on sales in Japan.
The deal allows Valeant to seek other partners for the drug elsewhere in the world.
Valeant has been undergoing major restructuring under Chief Executive J. Michael Pearson, selling off global units, cutting jobs and acquiring companies.
The effort won cheers on Wall Street last year, where Valeant ended 2008 up 90% on a market value of $2 billion, the best showing of any major Orange County stock last year.
The shares are flat so far this year as investors look for signs of growth.
After slipping in February, Valeant? shares are up about 35% in the past month with a market value of $1.9 billion.
