Valeant Stock Surges 3% After Psoriasis Drug Gets FDA Approval

Valeant Pharmaceuticals International Inc. shares surged as much as 3.1% in pre-market trade Thursday after the company said its plaque psoriasis injection had been approved by the Food and Drug Administration. Siliq, which is intended for patients with moderate-to-severe iterations of the chronic skin condition who haven't responded to other therapies, will have a "black box warning" about risks for patients with a history of suicidal thoughts or behavior, Valeant said. Valeant said it expects to begin sales and marketing for Siliq in the second half of 2017. AztraZeneca -- which granted Valeant the right to develop and commercialize Siliq in most countries globally -- will receive $130 million in a milestone payment, Dow Jones reports. Valeant shares have declined 5.6% over the last three months, compared with a 7.9% rise in the S&P 500 .