Anacor Awaits Arbitration Ruling

(RTTNews) - With arbitration hearing in the breach of contract dispute with Valeant Pharmaceuticals International Inc. (VRX) (VRX.TO) having been completed last month, Anacor Pharmaceuticals Inc. (ANAC) now awaits the ruling, which is expected anytime now.

The arbitration is related to certain development services provided by Dow Pharmaceutical Sciences, Inc. to Anacor to develop topical antifungal product candidate Tavaborole for the treatment of onychomycosis under a master services agreement dated March 26, 2004. Dow Pharmaceutical Sciences was acquired by Valeant in December 2008.

Tavaborole is now under FDA review, with a decision date set for July 29, 2014.

According to Anacor's SEC filing dated Sep.19, 2013, the arbitration hearing was held between September 9, 2013 and September 17, 2013. Under the rules of the arbitration, a ruling is expected within 30 days of the completion of the hearing.

Anacor is seeking injunctive relief and damages of at least $215.0 million from Valeant.

ANAC was trading around $5 when it was profiled on our site last December. The stock, which touched a 52-week high of $12.63 on Oct.4, 2013, has given back some of its gains and closed yesterday's trading at $10.83.

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