Valeant said in a press release that it will commence sales of the new drug in the United States during the third quarter of 2016.
Neil Maruoka of Canaccord Genuity commented in a research note on Wednesday that the FDA's approval of Relistor should be viewed as an "incremental positive" and a "small degree of vindication" for Valeant's R&D-lite model.
CNBC's Jim Cramer had a different take of the drug approval.
During Cramer's daily "The Mad Dash" segment, he said that Valeant's CEO Joseph Papa "should be smiling" between the FDA's approval of Relistor and a separate FDA advisory committee's recommendation for the approval of Brodalumab for treatment of moderate-to-severe plaque psoriasis.
Cramer continued that these new drugs could give Valeant up to $1.5 billion in potential sales.
"You have negative news, negative news, negative news," Cramer said. "But you know what — if there is going to be a savior for Valeant — it is going to be new drugs."
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