RBC Capital analyst Douglas Miehm weighed in on Valeant Pharmaceuticals (NYSE: VRX) after the FDA approved Oral Relistor for the treatment of opioid-induced constipation. The firm sees the news as a slight positive.

Miehm commented, ""Valeant announced today that the FDA has approved Oral Relistor for the treatment of opioid-induced constipation. Following the FDA's delay in PDUFA date, we view this approval positively. Oral Relistor was acquired from Salix and should help boost the Relistor franchise due to its enhanced convenience when compared to the subcutaneously administered Relistor, which was approved by the FDA in September 2014. Valeant expects to launch Oral Relistor in Q3/16."

The firm maintained a Sector Perform rating and price target of $33 on VRX.

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Shares of Valeant Pharmaceuticals closed at $23.54 yesterday.