Valeant Pharmaceuticals

Valeant Pharmaceuticals International, Inc.
Public company
Traded as
Industry Pharmaceutical industry
Founded 1960 (1960)
Headquarters Laval, Quebec, Canada
Key people
Products
Revenue Increase US$8,263,000,000 (2014)[3]
Increase US$2,039,000,000 (2014)[3]
Increase US$913,500,000 (2014)[3]
Total assets Decrease US$26,353,000,000 (2014)[3]
Total equity Increase US$5,312,000,000 (2014)[3]
Number of employees
 16,800 (2014) [3]
Subsidiaries
Website valeant.com

Valeant Pharmaceuticals International, Inc. is a multinational pharmaceutical company based in Laval, Quebec, Canada. Valeant manufactures mostly generic pharmaceuticals and over-the-counter products. Valeant specializes in dermatology, eye health, aesthetics, consumer products, gastrointestinal, oral health, neurology and other therapeutic areas. Fully-owned Bausch & Lomb franchise is one of the largest manufacturers of contact lenses.

Valeant experienced quick organic and inorganic growth with a series of mergers and acquisitions under the leadership of J. Michael Pearson and for a short period of time in 2015 was the most valuable company in Canada. Valeant was described as a platform company that can do bolt-on acquisitions. Valeant acquired Salix Pharmaceuticals for $15.6 billion in 2015.

In 2015–2016 the company was involved in a controversy about drug price hikes and the use of a specialty pharmacy for the distribution of its specialty drugs. Company's stock price plummeted 85 percent. Valeant rolled back price hikes and ended cooperation with specialty pharmacy Philidor Rx Services and began cooperation with Walgreens.

Beginning May 2016 Joseph C. Papa leads the company. Bill Ackman's Pershing Square fund has a major stake in the company.

Current operations

Valeant's main products include drugs in the fields of dermatology, neurology, and infectious disease.

Prescription drugs

The company's major prescription drugs are as follows:

Over the counter drugs

The company's major over the counter drugs are as follows:

History

In 1994, ICN Pharmaceuticals Inc. merged with SPI Pharmaceuticals Inc., Viratek Inc. and ICN Biomedicals Inc.[4] In 2003, ICN Pharmaceuticals Inc. changed its name to Valeant.[5]

2006-2007

In 2006, Valeant received approval in the U.S. to market Cesamet (nabilone), a synthetic cannabinoid.[6] The company also acquired the European rights to the drug for $14 million.[7]

2008

In 2008, the Swedish pharmaceutical company Meda AB bought Western and Eastern Europe branches from Valeant for $392 million.[8] In September 2008, Valeant acquired Coria Laboratories for $95 million.[9] In November 2008, Valeant acquired DermaTech for $12.6 million.[10]

2009

In January 2009, Valeant acquired Dow Pharmaceutical Sciences for $285 million.[11] In July 2009, Valeant announced its acquisition of Tecnofarma, a Mexican generic drug company.[12] In December 2009, Valeant announced its Canadian subsidiary would acquire Laboratoire Dr. Renaud, for C$23 million.[13]

2010

In March 2010, Valeant announced its acquisition of a Brazilian generics and over the counter company for $28 million and manufacturing plant for a further $28 million.[14] In April 2010, Valeant announced that its Canadian subsidiary would acquire Vital Science Corp. for C$10.5 million.[15] In May 2010, Valeant acquired Aton Pharmaceuticals for $318 million.[16][17] On September 28, 2010, Valeant was purchased by Biovail. The company retained the Valeant name and retained J. Michael Pearson as CEO, but was incorporated in Canada and temporarily kept Biovail's headquarters.[18][19]

2011

In February 2011, Valeant acquired PharmaSwiss S.A. for €350 million.[20] In March 2011, an attempt to buy drugmaker Cephalon Inc. for $5.7 billion was unsuccessful.[21] In May 2011, former Biovail Corporation Chairman and CEO Eugene Melnyk was banned from senior roles at public companies in Canada for five years and penalized to pay $565,000 by the Ontario Securities Commission. In the year before the merger with Valeant, Melnyk had settled with the United States Securities and Exchange Commission (SEC), and agreed to pay a civil penalty of $150,000 after having previously paid $1 million to settle other claims with the SEC.[22] In July 2011, Valeant acquired Ortho Dermatologics from Janssen Pharmaceuticals for $345 million. The acquisition included the products Retin-A Micro, Ertaczo, and Renova, also known as tretinoin.[23] In August 2011, Valeant acquired 87.2% of the outstanding shares of Sanitas Group for €314 million.[24] In December 2011, Valeant acquired iNova for A$625 million with additional milestone payments of up to A$75 million.[25] In December 2011, Valeant acquired Dermik, a dermatology unit of Sanofi.[26]

2012

In January 2012, Valeant acquired Brazilian sports nutrition company Probiotica for R$150 million.[27] In February 2012, Valeant acquired ophthalmic biotechnology company, Eyetech Inc.[28] In April 2012, Valeant acquired Pedinol.[29] In April 2012, Valeant acquired assets from Atlantis Pharma in Mexico for $71 million.[30] In May 2012, Valeant acquired AcneFree for $64 million plus milestone payments.[31] In June 2012, Valeant acquired OraPharma for approximately $312 million with up to $144 million being paid in milestone payments.[32] In August 2012, Valeant agreed to buy skin-care company Medicis Pharmaceutical for $2.6 billion.[33][34]

2013

In January 2013, Valeant acquired the Russian company Natur Produkt for $163 million.[35] In March 2013, Valeant acquired Obagi Medical Products, Inc.[36] In May 2013, the company acquired Bausch & Lomb from Warburg Pincus for $8.7 billion in a move to dominate the market for specialty contact lenses and related products.[37][38]

2014

In January 2014, Valeant acquired Solta Medical for approximately $250 million.[39] In May 2014, Nestle acquired the commercial rights to sell Valeant's filler and toxin products for $1.4 billion.[40] In July 2014, Valeant acquired PreCision Dermatology Inc for $475 million, a deal aimed at strengthening the firm’s skin products business.[41][42] Along with hedge fund manager Bill Ackman, Valeant made a bid to acquire Allergan; however, in November 2014, Allergan announced that it would be acquired by Actavis in a $66 billion transaction.[43][44]

2015

On April 1, 2015, Valeant completed the purchase of gastrointestinal treatment drug developer Salix Pharmaceuticals for $14.5 billion after outbidding Endo Pharmaceuticals.[45][46] In July 2015, the company announced it would acquire Mercury (Cayman) Holdings, the holding company of Amoun Pharmaceutical, one of Egypts largest drugmakers, for $800 million.[47][48] In August 2015, Valeant said it would purchase Sprout Pharmaceuticals Inc for $1 billion, a day after Sprout received approval to market the women's libido drug Addyi.[49][50][51] In September 2015, Valeant licensed psoriasis drug Brodalumab from AstraZeneca for up to $445 million.[52][53] In September 2015, the company announced its intention to acquire eye surgery product manufacturer, Synergetics USA, for $192 million in order to strengthen the company's Bausch & Lomb division.[54][55] In October 2015, the company's Bausch & Lomb division acquired Doctor's Allergy Formula for an undisclosed sum.[56]


In 2015, Glass Lewis, a proxy advisory firm, called the $3 billion in compensation received by J. Michael Pearson "excessive". [57]

2016

In February 2016, Valeant disclosed that it was under investigation by the U.S. Securities and Exchange Commission, and by the U.S. Attorney's Offices for the Southern District of New York.[58]

The company has been criticized for pioneering the highly lucrative business model of acquiring pharmaceutical companies or their drugs, incorporating these drugs into Valeant's sales and supply chain and then raising the prices of these medications to levels contemporaneous with similar pharmaceutical products.[59] From 2015 to 2016 Valeant shares plummeted 85 percent with stocks that were over $200 in 2015, now worth c. $36.[60] Large hedge funds such as Bill Ackman's Pershing Square Capital Management, Paulson & Company, Viking Global Investors and Brahman Capital lost billions in what has been described as hedge fund herding by Cornell University professor Andrew Karolyi.[60] In early 2015, hedge funds owned about 23 percent of Valeant shares. By April 2016, the market value of hedge fund holdings in Valeant had fallen by $7.3 billion.[60] However, hedge fund herding[61] continues to incite hedge fund portfolio manager's to continue to buy Valeant shares.[60] Between August 2015 and April 2016 Valeant's shares fell 80 per cent.[62] In their 2015 annual report filed on April 29, 2016 Valeant "Valeant said that it is the "subject of investigations" by the Securities and Exchange Commission, the U.S. Attorney’s Offices in Massachusetts and New York, the state of Texas, the North Carolina Department of Justice, the Senate’s Special Committee on Aging and the House’s Committee on Oversight and Reform, and has received document requests from the Autorite de Marches Financiers in Canada and the New Jersey State Bureau of Securities."[62] On April 27, 2016 Bill Ackman, J. Michael Pearson and Howard Schiller appeared before the United States Senate Special Committee on Aging to answer to concerns about the repercussions for patients and the health care system faced with Valeant's business model.[63]

In March 2016, the board of directors said that CEO J. Michael Pearson would be leaving the company as soon as a replacement CEO is found and that investor Bill Ackman would be added as a director.[64][65]

Acquisition history

Controversies

Ribavirin withdrawal

On December 31, 2014 Valeant enacted a voluntary nationwide recall of Ribavirin after one lot of the drug was affected by microbial contamination.[66]

Business model of acquisitions and subsequent price increases

An important part of the growth strategy for Valeant has been acquisitions of medical and pharmaceutical companies and subsequent price increases for their products.[67] As a result of this strategy, smaller pharmaceutical companies refocused away from research and development towards serial acquisitions of existing technologies, more aggressive marketing and rapid price increases to enhance growth.[68] Valeant's strategy of exponential price increases on life-saving medicines has been described by Berkshire Hathaway vice chairman Charlie Munger as "deeply immoral" and "similar to the worst abuses in for-profit education."[69] This strategy has also attracted negative attention of regulators in the United States[68] particularly after the publication in the New York Times of an article by Andrew Pollack on price gouging of specialty drugs.[70][71][72][73][74][75]

2015 drug price inflation controversy

In September 2015, an influential group of politicians criticized Valeant on its pricing strategies".[73] The company raised prices on all its brand name drugs 66% in 2015, five times more than its closest industry peer. The cost of Valeant flucytosine is 10,000% higher in the United States than in Europe.[74][76][77] In late September 2015 members of The United States House Committee on Oversight and Government Reform urged the Committee to subpoena Valeant for their documents regarding the sharp increases in the price of "two heart medications it had just bought the rights to sell: Nitropress and Isuprel. Valeant raised the price of Nitropress 212% and Isuprel 525%".[72] Much of the criticism relates to price increases Valeant has made to drugs it acquired the rights to through mergers and acquisitions.[78] New York Times columnist Joe Nocera claimed that Valeant CEO J. Michael Pearson's "plan was to acquire pharmaceutical companies, fire most of their scientists and jack up the price of their drugs".[79]

After Valeant acquired Salix Pharmaceuticals in 2015, it raised the price of the diabetes pill Glumetza about 800%.[75][78]

Valeant’s heart drugs Nitropress and Isuprel increased in price by over 210% and 520% each the day that Valeant acquired the rights to sell them.[80]

A New York Times article on October 4, 2015[78] stated that:

"Valeant is known for buying companies and laying off their employees to achieve savings, while accumulating a debt of about $30 billion. It spends an amount equivalent to only 3% of its sales on research and development, which it views as risky and inefficient compared with buying existing drugs. Traditional big drug companies spend 15 to 20% of sales on research and development. Valeant also pays extremely low taxes because it is officially based in Canada, although Mr. Pearson operates from New Jersey."
— New York Times October 4, 2015

Although it did not specifically mention Valeant, a quote on Twitter by Hillary Clinton stated: "Price gouging like this in the specialty drug market is outrageous. Tomorrow I’ll lay out a plan to take it on."[81]

By October 2015 Valeant had received subpoenas from the U.S. Attorney's Office for the District of Massachusetts and the United States Attorney for the Southern District of New York in regards to an investigation on Valeant's "drug pricing, distribution and patient assistance program."[82]

The House oversight committee requested documents from Valeant amid public concern around drug prices.[83][84]

Philidor

On October 21, 2015, Citron Research, controlled by Andrew Left, a short seller of Valeant shares, claimed that Valeant recorded false sales of products to specialty pharmacy Philidor Rx Services and its affiliates. These specialty pharma companies were controlled by Valeant and allegedly resulted in the improper booking of revenue.[85]

In addition, by controlling the pharmacy services offered by Philidor, Valeant allegedly steered Philidor's customers to expensive drugs sold by Valeant. One alleged practice entailed Valeant employees directly managing Philidor's business operations while posing as Philidor employees and with all written communication under fictitious names.[86]

Valeant responded that the allegations by Citron Research were "erroneous."[87]

On October 30, 2015, Valeant said that it would cut ties with Philidor in response to allegations of aggressive billing practices.[88]

Walgreens Boots Alliance Inc, owner of Walgreens, took over distribution for Valeant.[89]

Rigid contact-lens monopoly investigation

In October 2015, the Federal Trade Commission began an investigation into Valeant's increasing control of the production of rigid gas permeable contact lenses. Valeant's acquisition of Bausch & Lomb in 2013, and Paragon Vision Services in 2015, is alleged to have given the company control of over 80% of the production pipeline for hard contact lenses. A series of unilateral price increases beginning in Fall 2015 spurred the FTC's investigation.[90]

References

  1. ↑ Valeant: Board of Directors
  2. ↑ Valeant Pharmaceuticals Picks Joseph Papa, Perrigo Chief, as C.E.O.
  3. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Valeant Pharmaceuticals 2014 Form 10-K Annual Report
  4. ↑ "Shareholders Approve ICN Pharmaceuticals Merger". New York Times. November 3, 1994.
  5. ↑ "ICN Pharmaceuticals, Inc. Changes Its Name To Valeant Pharmaceuticals International" (Press release). PRNewswire. November 12, 2003.
  6. ↑ "Valeant Pharmaceuticals Announces U.S. Availability of Cesamet(TM) (CII) and Initiates Post-Marketing Clinical Trial" (Press release). PRNewswire. August 17, 2006.
  7. ↑ "Valeant Pharmaceuticals Acquires Rights to Nabilone in United Kingdom and Europe" (Press release). PRNewswire. February 15, 2007.
  8. ↑ "Sweden's Meda AB Buys American Valeant Pharmaceuticals International Units for 392 Million" (Press release). Business Wire. August 4, 2008. Retrieved October 7, 2014.
  9. ↑ "Valeant Pharmaceuticals Completes Acquisition of Coria Laboratories, Ltd." (Press release). Business Wire. October 16, 2008.
  10. ↑ "Valeant Pharmaceuticals Acquires DermaTech" (Press release). Business Wire. November 14, 2008.
  11. ↑ "Dow Pharmaceutical Sciences Becomes Wholly Owned Subsidiary as Acquisition by Valeant Pharmaceuticals International is Completed" (Press release). Business Wire. January 9, 2009.
  12. ↑ "Valeant to Acquire Tecnofarma, A Mexican Generic Company" (Press release). PRNewswire. July 29, 2009.
  13. ↑ "Valeant to Acquire Laboratoire Dr. Renaud in Canada" (Press release). PRNewswire. December 7, 2009.
  14. ↑ "Valeant to Acquire Branded Generics/OTC Company in Brazil" (Press release). PRNewswire. March 19, 2010.
  15. ↑ "Valeant to Acquire Vital Science Corp. in Canada" (Press release). April 28, 2010.
  16. ↑ "Valeant Pharmaceuticals Completes Acquisition of Aton Pharma, Inc." (Press release). PRNewswire. May 27, 2010.
  17. ↑ "UPDATE 1-Valeant Q1 profit beats Street; to acquire Aton Pharma". Reuters. May 3, 2010.
  18. ↑ "Valeant and Biovail Complete Merger" (Press release). PRNewswire. September 28, 2010.
  19. ↑ "Drugmaker Biovail to buy Valeant in $3.3 billion deal". Reuters. June 21, 2010.
  20. ↑ "Valeant Pharmaceuticals to Acquire PharmaSwiss S.A." (Press release). PR Newswire. February 1, 2011.
  21. ↑ "Teva to buy Cephalon for $6.8 bln, tops Valeant". Reuters. May 2, 2011.
  22. ↑ Shector, Barbara (May 5, 2011). "Senators owner Melnyk banned for five years from boardrooms of public companies". The Financial Post. Retrieved October 5, 2015.
  23. ↑ "Valeant Pharmaceuticals Agrees to Acquire Certain Assets from Atlantis Pharma in Mexico" (Press release). PR Newswire. April 18, 2012.
  24. ↑ "Valeant Pharmaceuticals Agrees to Acquire Sanitas Group for Approximately EUR314 Million in Cash" (Press release). PR Newswire. May 24, 2011. Retrieved October 7, 2014.
  25. ↑ "Valeant Pharmaceuticals Agrees to Acquire iNova" (Press release). PR Newswire. November 20, 2011. Retrieved October 7, 2014.
  26. ↑ "Valeant Pharmaceuticals Completes Acquisition of Dermik" (Press release). PR Newswire. December 19, 2011. Retrieved October 7, 2014.
  27. ↑ "Valeant Pharmaceuticals Acquires Probiotica in Brazil" (Press release). PR Newswire. February 1, 2012. Retrieved October 7, 2014.
  28. ↑ "Valeant Pharmaceuticals to Acquire Eyetech" (Press release). PR Newswire. February 13, 2012. Retrieved October 7, 2014.
  29. ↑ "Valeant Pharmaceuticals to Acquire Pedinol" (Press release). PR Newswire. April 12, 2012. Retrieved October 7, 2014.
  30. ↑ "Valeant Pharmaceuticals Agrees to Acquire Certain Assets from Atlantis Pharma in Mexico" (Press release). PR Newswire. April 18, 2012.
  31. ↑ "Valeant Pharmaceuticals Agrees To Acquire AcneFree And Certain Assets From University Medical" (Press release). PR Newswire. May 3, 2012.
  32. ↑ "Valeant Pharmaceuticals Agrees To Acquire OraPharma" (Press release). PR Newswire. June 15, 2012. Retrieved October 7, 2014.
  33. ↑ Maris, David (September 3, 2012). "Valeant To Acquire Medicis for $2.6 Billion". Forbes Magazine. Retrieved June 2, 2013.
  34. ↑ "Valeant Pharmaceuticals International, Inc. Agrees To Acquire Medicis Pharmaceutical Corporation For $44.00 Per Share In Cash" (Press release). PR Newswire. September 3, 2012.
  35. ↑ "Valeant Completes Acquisition Of Natur Produkt In Russia" (Press release). PR Newswire. February 1, 2013. Retrieved October 7, 2014.
  36. ↑ "Valeant Pharmaceuticals International, Inc. Agrees to Acquire Obagi Medical Products, Inc. for $19.75 Per Share in Cash" (Press release). PR Newswire. March 20, 2013. Retrieved October 7, 2014.
  37. ↑ Carl O'Donnell (October 29, 2015). "Valeant's ambitious plan for its contact lens business". Reuters.
  38. ↑ "Valeant Pharmaceuticals International, Inc. To Acquire Bausch + Lomb For $8.7 Billion" (Press release). PR Newswire. May 27, 2013.
  39. ↑ "Valeant Pharmaceuticals International, Inc. Completes Acquisition Of Solta Medical, Inc." (Press release). PRNewswire. January 23, 2014.
  40. ↑ Winters, Patrick (May 28, 2014). "Nestle acquires rights to Valeant skincare products". Bloomberg L.P. Retrieved May 29, 2014.
  41. ↑ "Valeant Pharmaceuticals Completes Acquisition Of PreCision Dermatology" (Press release). PRNewswire. July 8, 2014.
  42. ↑ Euan Rocha (February 4, 2014). "Valeant to buy PreCision Dermatology for $475 million". Reuters.
  43. ↑ David Welch (November 17, 2014). "Actavis to Buy Allergan for $66 Billion, Tops Valeant Bid". Bloomberg L.P.
  44. ↑ David Gelles (November 17, 2014). "Allergan Escapes Valeant’s Pursuit, Agreeing to Be Bought by Actavis". New York Times.
  45. ↑ "Valeant Pharmaceuticals International, Inc. Completes Tender Offer For Salix Pharmaceuticals, Ltd." (Press release). PRNewswire. April 1, 2015.
  46. ↑ "Endo Ends Effort to Wrest Merger-Bound Salix from Valeant". Genetic Engineering & Biotechnology News.
  47. ↑ "Valeant Pharmaceuticals Agrees To Acquire Amoun Pharmaceutical" (Press release). PRNewswire. July 17, 2015.
  48. ↑ "Valeant grabs a Middle Eastern foothold with $800M pact for Egypt's Amoun". FiercePharma.
  49. ↑ "Valeant Pharmaceuticals To Acquire Sprout Pharmaceuticals" (Press release). PRNewswire. August 20, 2015.
  50. ↑ Chen, Caroline (20 August 2015). "Valeant Buys Female Libido-Drug Maker Sprout for $1 Billion". Bloomberg L.P.
  51. ↑ Rockoff, Jonathan (20 August 2015). "Valeant to Buy Maker of Women’s Libido Drug for $1 Billion". Wall Street Journal. Retrieved 20 August 2015.
  52. ↑ "Valeant Licenses Brodalumab from AstraZeneca for Up to $445M". Genetic Engineering Biotechnology News.
  53. ↑ "AstraZeneca auctions off troubled psoriasis drug to Valeant in $445M deal". FierceBiotech.
  54. ↑ "Quebec's Valeant buys Synergetics USA for $192M". cbc.ca. 2 September 2015.
  55. ↑ "Valeant Pharmaceuticals To Acquire Synergetics USA" (Press release). PRNewswire. September 2, 2015.
  56. ↑ Lawrence, Stacy (20 October 2015), "Valeant to acquire in-office noninvasive ocular allergy Dx startup Doctor's Allergy", Fierce Medical Devices, retrieved 13 November 2015
  57. ↑ Milstead, David (30 July 2015). "Valeant’s $3-billion man: CEO's big bet pays off". The Globe and Mail. Retrieved October 5, 2015.
  58. ↑ Cynthia Koons (29 February 2016). "Valeant Says It's Under Investigation by SEC, Shares Plunge". Bloomberg.com.
  59. ↑ "Valeant’s Drug Price Strategy Enriches It, but Infuriates Patients and Lawmakers". New York Times. October 5, 2015. Retrieved 26 December 2015.
  60. 1 2 3 4 Alexandra Stevenson; Matthew Goldstein (April 27, 2016), "As Valeant Tumbles, So Does Bill Ackman’s Hedge Fund Herd", New York Times, retrieved April 28, 2016
  61. ↑ "Hedge Fund Herding, and How to End It", Asset International, Chief Investment Officer, January 3, 2016, retrieved April 28, 2016
  62. 1 2 Chen, Caroline; Koons, Cynthia (April 29, 2016), "Valeant Pharmaceuticals International eyes strategy change; senior managers face pay cut over debacle", Financial Post via Bloomberg News, retrieved April 29, 2016
  63. ↑ "Valeant Pharmaceuticals' Business Model: the Repercussions for Patients and the Health Care System", United States Senate Special Committee on Aging, April 27, 2016, retrieved April 29, 2016
  64. ↑ "Valeant board ousted CEO Pearson after weekend phone calls: Source". CNBC. March 21, 2016.
  65. ↑ Rodriguez, Josh (April 22, 2016). "Valeant Pharmaceuticals (VRX) Stock: The Bears Come Out to Play". Retrieved April 24, 2016.
  66. ↑ "Valeant Pharmaceutical North America LLC Issues Voluntary Nationwide Recall of Virazole® (Ribavirin Powder For Solution) Due to Microbial Contamination". U.S. Food and Drug Administration. December 31, 2014. Retrieved January 8, 2015.
  67. ↑ Alex Wayne (May 28, 2013). "Valeant Agrees to Buy Bausch & Lomb in $8.7 Billion Deal". Bloomberg. Retrieved May 28, 2013.
  68. 1 2 Van der Linde, Damon (16 October 2015). "Valeant Pharmaceuticals pricing controversy attracts scrutiny". Calgary Herald. Retrieved 16 October 2015.
  69. ↑ Noah Buhayar, Charles Stein (1 November 2015). "Charlie Munger Isn't Done Bashing Valeant". Bloomberg.com. Retrieved 26 December 2015.
  70. ↑ Pollack, Andrew (September 20, 2015). "Drug Goes From $13.50 a Tablet to $750, Overnight". New York Times. Retrieved October 15, 2015.
  71. ↑ "#1741 J. Michael Pearson", Forbes, nd, retrieved October 5, 2015
  72. 1 2 Morgenson, Gretchen (October 2, 2015). "Valeant’s High-Price Drug Strategy". Retrieved October 2, 2015.
  73. 1 2 "Valeant hit by political criticism of drug company pricing". Financial Times. September 28, 2015. Retrieved 5 October 2015.
  74. 1 2 "Valeant's price-hike strategy goes far beyond two high-profile increases". FiercePharma. October 5, 2015.
  75. 1 2 "Regulators circle as Valeant’s business model in focus". Globe and Mail. October 5, 2015.
  76. ↑ "Biotech stocks dive as lawmakers take aim at Valeant for drug price hikes". Fortune Magazine.
  77. ↑ Durden, Tyler (4 October 2015), More Pain For Biotechs Ahead: Valeant's "Astronomical" Price Increases Take Center Stage; Pfizer Gets Dragged In, retrieved 13 November 2015
  78. 1 2 3 Pollack, Andrew; Tavernise, Sabrina (October 4, 2015). "Valeant’s Drug Price Strategy Enriches It, but Infuriates Patients and Lawmakers". New York Times. ISSN 0362-4331. Retrieved October 4, 2015.
  79. ↑ Nocera, Joe (October 27, 2015). "Is Valeant Pharmaceuticals the Next Enron?". New York Times. ISSN 0362-4331. Retrieved October 27, 2015.
  80. ↑ Afxentiou, Demetris (October 6, 2015), "Is Valeant Pharmaceuticals Intl Inc. Still a Good Buy?", The Motley Fool Canada, retrieved October 15, 2015
  81. ↑ "Hillary Clinton tweet crushes biotech stocks". CNN Money. September 21, 2015. Retrieved October 15, 2015.
  82. ↑ "Valeant Pharmaceuticals Subpeonaed In U.S. After Price-Gouging Allegations". New York: The Huffington Post via The Canadian Press and the Associated Press. October 15, 2015. Retrieved October 15, 2015.
  83. ↑ "Shkreli, Valeant CEO set for a grilling at congressional price-hike hearing". FiercePharma.
  84. ↑ Jonathan D. Rockoff (January 20, 2016). "Valeant Pharmaceutical Interim CEO to Testify Before Congress Next Week". WSJ.
  85. ↑ Valeant: Could this be the Pharmaceutical Enron?
  86. ↑ Rockoff, Jonathan D.; Whalen, Jeanne. "Valeant and Pharmacy More Intertwined Than Thought". Wall Street Journal. ISSN 0099-9660. Retrieved October 10, 2015.(subscription required)
  87. ↑ van der Linde, Damon (October 22, 2015). "Valeant stocks plunge, trading halted". Calgary Herald. Retrieved October 22, 2015.
  88. ↑ Armstrong, Drew; Kitamura, Makiko (October 30, 2015). "Valeant Says It's Cutting Ties With Troubled Pharmacy Philidor". Bloomberg. Retrieved October 31, 2015.
  89. ↑ "Valeant signs drug deal with Walgreens". Financial Times. December 15, 2015.
  90. ↑ Ornstein, Charles (October 27, 2015). "Federal Investigators Looking at Valeant’s Contact Lens Dealings". ProPublica.
This article is issued from Wikipedia - version of the Saturday, May 07, 2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.