Valeant Pharmaceuticals International Inc. and Progenics Pharmaceuticals Inc. said late Tuesday the Food and Drug Administration approved their drug Relistor to treat opioid-induced constipation. Valeant shares rose 3.4% to $24.35 after hours, while Progenics shares jumped 17% to $5.80. Progenics licenses Relistor to Valeant, who plans to start marketing the drug in the U.S. in the third quarter. Earlier Tuesday, Valeant said an FDA panel recommended approval for a psoriasis treatment it licenses from AstraZeneca.
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