Valeant Pharmaceuticals Intl Inc VRX shares are trading higher by $0.90 (6 percent) at $15.86 in Tuesday's session.
The Street has taken a liking to the company after it was announced Monday afternoon it struck a litigation deal with Pershing Square regarding potential costs among the parties in the event of a settlement from pending legal disputes.
The issue also seemed to move in sympathy after StreetInsider reported of takeover chatter in Bristol-Myers Squibb Co BMY.
After a higher open, it retreated and found support one penny under Monday's close ($14.97), reaching $14.96 before continuing its move higher.
So far, the ensuing rally has taken the issue to $15.99. That marks the highest level for the issue since it peaked on January 11 at $16.69, but faltered to close at $15.33.
It hasn't closed above $16.00 since January 10, when it ended that session at $16.40.
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