Valeant Pharmaceuticals is restructuring, with plans to focus on its late-stage drug prospects and pare back expenses while boosting earnings. The restructuring includes plans to out-license pradefovir for hepatitis B and VRX-840773, its HIV compound. Valeant will concentrate development efforts on Viramidine (taribavirin), retigabine and Infergen. The drug developer will also look to cut costs in sales and reorganize its commercial regions to three from four.
"The steps we are taking are driven by our goal to deliver a significant increase in earnings over the next three years," said Valeant CEO Timothy C. Tyson. "We continue to expect our revenues to grow at an annual rate of 5 to 10 percent. As we near the completion of our second pivotal, Phase III trial for Viramidine, we are evaluating the best path to advance this development program to regulatory approval."
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