FDA committee recommends Siliq to provide Valeant welcome share boost

Shares in Canadian drugmaker Valeant (TSX: VRX) took an upturn on Wednesday with the news that a US Food and Drug Administration advisory committee had voted unanimously in favor of approving Siliq (brodalumab) for adult patients with moderate-to-severe plaque psoriasis.

Valeant has had a miserable year, with allegations of unfair price hiking and 90% wiped off its share value since July 20, 2015, but its new chief executive Joseph Papa has promised a recovery, and the news on Siliq is a welcome boost.

A report presented to the FDA committee by agency staff had raised a few concerns about the treatment in relation to a potential link to suicidal behavior and major cardiovascular adverse events.