Trying to turn a new leaf, Valeant ‘blockbuster’ can’t shed an R&D jinx
Michael Pearson never much cared for drug development or pipelines during his rocky run as CEO of Valeant $VRX, generally steering clear of it all as he snapped up assets. But Pearson made an exception for the late-stage eye drug latanoprostene bunod, which he picked up in the $8.7 billion Bausch + Lomb buyout, confidently predicting that the company had a blockbuster on its hands.
The FDA, though, turned thumbs down on the marketing application a year ago. And it turns out that new CEO Joe Papa is no better at wangling new drug approvals than his predecessor.
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