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Valeant continues to carve up Biovail

November 5, 2010 12:26 AM UTC

Valeant Pharmaceuticals International Inc. (NYSE:VRX; TSX:VRX) will reduce headcount by 29% and discontinue two additional development programs as part of its ongoing restructuring following its merger with Biovail Corp. in September. Valeant, which has already divested three Biovail projects, also will not pursue further development of BVF-014, a glial cell-derived neurotrophic factor (GDNF) protein for Parkinson's disease (PD), and BVF-007, an Ampakine for respiratory depression.

Valeant said the projects, which Biovail gained this year, did not fit with the merged company's strategic and financial focus. In January, MedGenesis Therapeutix Inc. (Victoria, B.C.) partnered with Biovail to co-develop and commercialize GDNF protein. In March, Biovail gained BVF-007 from Cortex Pharmaceuticals Inc. (OTCBB:CORX). ...