NEW YORK, NY / ACCESSWIRE / June 9, 2017 / Shares of Endo International may have closed the day in the green but everything changed after hours when the stock plunged into the red. The FDA has asked the company to remove its opioid painkiller Opana ER from the market. Valeant Pharmaceuticals gave traders some optimism on Thursday about paying some of its massive debt back when it announced it would be selling its iNova pharmaceuticals business for $930 million, in cash.

RDI Initiates Coverage on:

Endo International plc
https://ub.rdinvesting.com/news/?ticker=ENDP

Valeant Pharmaceuticals International, Inc.
https://ub.rdinvesting.com/news/?ticker=VRX

Endo International plc's shares closed up 11.13% on Thursday but sank over 13% in after-hours trading. The FDA asked Endo to withdraw its long-lasting opioid painkiller Opana ER from the market. The Street fell into a panic after finding out, as this is the very first time the FDA has asked to remove an opioid painkiller due to public health reasons. A panel of advisers had concluded back in March that Endo's Opana ER risks were heavier than any benefits the drug has. The FDA's commissioner, Dr. Scott Gottlieb, stated, "We are facing an opioid epidemic - a public health crisis, and we must take all necessary steps to reduce the scope of opioid misuse and abuse." The FDA is "evaluating the full range of potential options as we determine the appropriate path forward." Endo defended itself in a statement, "Despite the FDA's request to withdraw Opana ER from the market, this request does not indicate uncertainty with the product's safety or efficacy when taken as prescribed." It is unclear if Endo will do what the FDA has asked.

Access RDI's Endo International Research Report at:
https://ub.rdinvesting.com/news/?ticker=ENDP

Valeant Pharmaceuticals International, Inc.'s shares closed up 8.96% on Thursday on much higher volume compared to usual. The multinational specialty pharmaceutical company made a big announcement yesterday that it is selling its iNova Pharmaceuticals business for $930M, all in cash, to a private equity consortium of Pacific Equity Partners and Carlyle Group. According to the company's CEO Joseph Papa, "The sale of iNova is part of the company's ongoing efforts to both simplify our operating model and strengthen our balance sheet. We will continue to evaluate opportunities that will enable us to deliver on our commitments and unlock value for shareholders." The company intends to use the proceeds from this sale to pay back term loan debt. The company is in a lot of debt so traders were enthusiastic about the sale news. As of the fourth quarter of 2016, Valeant has about $29.8 billion in debt.

Access RDI's Valeant Pharmaceuticals Research Report at:
https://ub.rdinvesting.com/news/?ticker=VRX

Our Actionable Research on Endo International plc (NASDAQ: ENDP) and Valeant Pharmaceuticals International, Inc. (NYSE: VRX) can be downloaded free of charge at Research Driven Investing.

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SOURCE: RDInvesting.com