Why Shares Of Valeant Pharmaceuticals Spiked On Monday

Valeant Pharmaceuticals Intl IncVRXannounced the Food and Drug Administration (FDA) has accepted for review the Biologics License Application (BLA) the company submitted as part of a partnership with AstraZeneca plc (ADR) AZN. Valeant Pharmaceuticals and AztraZeneca's brodalumab injection is a monoclonal antibody that targets the IL-17 receptor. The therapy is in development for patients with moderate-to-severe plaque psoriasis. The therapy is in development for patients with moderate-to-severe plaque psoriasis. Shares of Valeant Pharmaceuticals opened for trading at $88.00 on Monday. The stock was under heavy buying pressure throughout the morning and by early afternoon the stock was higher by nearly 6 percent at $93.82. The FDA has assigned a prescription Drug User Fee Act (PDUFA) action date of November 16, 2016. Meanwhile, the Marketing Authorization Application (MAA) for brodalumab in psoriasis was already accepted by the European Medicines Agency (EMA) in the fourth quarter of 2015.