HC Stocks Newsbeat; Valeant Pharmaceuticals (VRX), Exelixis (EXEL)
Shares of Valeant Pharmaceuticals Intl Inc (NYSE:VRX) ended Wednesday session in red amid volatile trading. The shares closed down -0.01 points or -0.05% at $22.06 with 8.38 million shares getting traded. Post opening the session at $22.28, the shares hit an intraday low of $21.82 and an intraday high of $22.39 and the price vacillated in this range throughout the day. The company has a market cap of $7.77 billion and the numbers of outstanding shares have been calculated to be 341.19 million shares.
Valeant Pharmaceuticals Intl Inc (VRX) announced that Louis W. Yu, Ph.D. has been appointed to the newly created position of Chief Quality Officer, Global Quality.
Dr. Yu will report to Joseph C. Papa, Chairman and CEO of Valeant. As a new member of Valeant’s Executive Committee, Dr. Yu will oversee all aspects of quality and regulatory compliance for all of Valeant’s global businesses and operating sites.
Dr. Yu joins Valeant with more than 30 years of leadership experience in the Quality and R&D functions of generic and branded pharmaceutical companies. He was Executive Vice President, Global Quality & Compliance at The Perrigo Company from November 2006 to January 2016, where he was responsible for strategic leadership and regulatory compliance as well as the global patient safety/medical affairs departments. He also served between May and September 2016 as the Senior Vice President, Global Quality and Compliance at AMRI, a contract development and manufacturing organization (CDMO) company.
Shares of Exelixis, Inc. (NASDAQ:EXEL) ended Wednesday session in red amid volatile trading. The shares closed down -0.15 points or -1.29% at $11.52 with 2.78 million shares getting traded. Post opening the session at $11.70, the shares hit an intraday low of $11.47 and an intraday high of $11.78 and the price vacillated in this range throughout the day. The company has a market cap of $2.69 billion and the numbers of outstanding shares have been calculated to be 230.33 million shares.
Exelixis, Inc. (EXEL) announced that the European Commission (EC) has approved CABOMETYX™ (cabozantinib) tablets for the treatment of advanced renal cell carcinoma (RCC) in adults following prior vascular endothelial growth factor (VEGF)-targeted therapy. CABOMETYX was granted accelerated assessment by the European Medicines Agency, and is the first therapy to demonstrate in a phase 3 trial for patients with advanced RCC, robust and clinically meaningful improvements in all three key efficacy parameters — overall survival (OS), progression-free survival (PFS) and objective response rate (ORR). This approval allows for the marketing of CABOMETYX in all 28 member states of the European Union, Norway and Iceland.
EC approval of CABOMETYX triggers a $60 million milestone payment to Exelixis under the licensing agreement with Ipsen for the commercialization and further development of CABOMETYX indications outside of the United States, Canada and Japan. The approval is based on the results of the large, randomized phase 3 METEOR trial.