Look back at pharma news to July 22

Shares of Progenics Pharmaceuticals and Valeant Pharmaceuticals International made handy gains in the market on Wednesday following a key  US Food and Drug Administration late-stage approval. Both of these companies have had a rough run of 2016, with Valeant faring far worse out of the two. As previously said, FDA approvals have the potential to make or break companies in the pharmaceuticals industry. This move could be a real turning point for Progenics and Valeant, said Chris Lange writing on 24 WallSt.

Previously, Relistor subcutaneous injection was approved in 2008 for the treatment of OIC in adults with advanced illness who are receiving palliative care and in 2014 for the treatment of OIC in adults with chronic non-cancer pain. These orally administered tablets offer a new avenue for this treatment that is far less intrusive than the previously approved injection treatment, Mr Lange noted.

"From our perspective, an oral formulation could allow the product to attain blockbuster (greater than $1 billion) status in annual sales," Rodman & Renshaw managing director Raghuram Selvaraju said in a phone interview with Real Money.