Valeant CEO Michael Pearson wheeled and dealed his way into a biopharma catastrophe. And now his successor, Joseph Papa, is trying to wheel and deal his way out. The company’s Q2 review included plans to follow up on recent asset sales to help pay off debt. But Valeant also failed to perform according to consensus estimates, raising some fresh concerns about the company. Valeant’s shares are down 90% off their 12-month peak.
Shares of Lexington, MA-based Aldeyra Therapeutics $ALDX spiked 9% Tuesday morning after the little biotech touted the results of a tiny study for a topical treatment designed to help clear the skin of patients with rare cases of Sjögren-Larsson Syndrome. Twelve patients took part in the study of NS2, which the biotech says produced “clinically meaningful” evidence of success.
The UK’s Oxitec has been given a green light to release millions of its genetically modified mosquitoes in a field trial designed to see if they can slow or halt the spread of mosquitoes which carry the Zika virus. The trial is set for Key Haven, FL, where voters get a chance to weigh in on the issue in November.
Shares of Dyadic took a hit after the biotech said that Sanofi had terminated a 5-year-old pact to develop vaccines.
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John Carroll, Editor and Co-Founder
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