Shares of Valeant Pharmaceuticals and Metabasis Technologies jumped late Wednesday after they announced that Schering-Plough had licensed the experimental pradefovir for chronic hepatitis B. Valeant licensed the drug from Metabasis six years ago. Both companies will earn an up-front payment along with a schedule of milestones.
"Pradefovir has the potential to offer improved treatment options for patients with chronic hepatitis B, a serious blood-borne infection affecting some 400 million people worldwide," said Dr. Robert Spiegel, chief medical officer of Schering-Plough Research Institute.
- read the release on the deal
- here's the report on the licensing deal from TheStreet.com