Valeant’s stock rose 2.2% on Tuesday to $19.93, and was up 3.6% in after-hours trading.
The stock is now valued at $20.7 billion.
Shares have also risen nearly 17% since it closed at $19 on Tuesday.
Valeant said in a statement that it plans to file its initial public offering (IPO) application later this year.
Valeants shares rose 2% on Wednesday after Valeant announced it had completed its initial listing of its stock on Nasdaq, the New York Stock Exchange.
Vale’s stock closed at a record $19,838 on Tuesday, after the company announced that it would be selling off its remaining stake in its pharmaceuticals business.
Vale was already looking to sell its remaining stock after the Valeant-owned company announced it would cut jobs and trim its workforce by 40% as it prepares for a potential $1 billion IPO in 2017.
The company said it will be cutting about 10% of its workforce over the next few years.
Valean’s shares are currently trading at $18.75, down 0.5% from the initial public offer price of $19 a share.
Valeans shares are expected to close at $23.20, which is below the $26 IPO price of the company’s shares.
Valeancorp is the largest shareholder in Valeant.
Shares of Valeant are trading at a high valuation as Valeant looks to sell off some of its remaining shares and create a new company.
Shares are up nearly 18% in just the past year.
Valeant is currently under a court order to stop using the name “Valeant” to sell pharmaceuticals.
The order also requires that all advertisements, including those for Valeant drugs, contain a disclaimer that the company is a pharmacy and does not provide pharmaceuticals for sale.