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Valeant Pharma Inc. (NYSE:VRX) shares are trading higher by $0.73 at $14.49 in Friday's session. It has erased all of Thursday's decline of $0.63 and currently a dime over Wednesday's close of $14.39.
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The catalyst for the rebound is the announcement of the sale of iPharma. Investors are hopeful the sale would reduce the huge debt that the company accumulated over the years.
After a higher open, it had a brief retreat but found support above Thursday's close ($13.76), only reaching $13.89 before continuing its move higher.