Metabasis Continues Work on Valeant Drug

SAN DIEGO — Biotechnology company Metabasis Therapeutics Inc. said Wednesday it will continue to work with Valeant Pharmaceuticals International to develop and market pradefovir under Valeant's restructuring program.

Valeant is primarily responsible for the drug's clinical development and fully funds the program. Metabasis has global commercialization rights.

Earlier this month, Valeant announced a restructuring plan under which the drug would be outlicensed to a third party to complete development and marketing of the drug.

Valeant expects to reduce its commercial regions and cut expenses as part of the plan.

Metabasis said mid-stage clinical studies to date show pradefovir effective in the treatment of hepatitis B. Other drug in its development pipeline target diabetes, obesity and liver cancer.

Metabasis shares rose 7 cents to $7.89 in midday trading on the Nasdaq exchange. Valeant shares were 2 cents higher at $17.49 on the New York Stock Exchange.

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