LAVAL, Que. -- Shares in Valeant Pharmaceuticals hit a new high for the year on the Toronto Stock Exchange this morning after the company completed the sale of its Dendreon subsidiary for US$819.9 million cash.
Valeant shares traded as high as $23.75 after markets opened this morning, about six per cent above where it closed Wednesday.
The stock has been climbing since April 21, when Valeant closed at $11.45, as investors have gained confidence in the company's ability to reduce its debt.
Proceeds from the sale of Dendreon Pharmaceuticals to China-based Sanpower Group will be used to repay a term loan.
Valeant's shares remains far below their value two year ago, when they traded for more than $300 per share for several weeks before they plunged amid questions about the sales it generated through Philidor Rx Services -- an online pharmacy.
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