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Valeant chief hospitalized with severe pneumonia
In an email reply to Reuters, Little informed that the company will release further information on Pearson’s condition at appropriate time. He promised shareholders that data would be more transparent moving forward, but reports of the meeting revealed that the CEO’s tone was defiant and unapologetic about the company’s long term strategies.
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Valeant also came under fire for its relationship with Philidor Rx Services, a mail-order pharmacy that dispensed some of its pricier dermatology drugs. He reached a deal with Walgreens Boots Alliance Inc.to sell Valeant drugs in the drugstore chain’s pharmacies at a discount.
On another interesting note, hedge funds had flocked to Valeant earlier in the year, but have suffered together with the company as its stock plummeted. Bill Ackman’s Pershing Square Capital Management, one of the largest holders of the stock, was down more than 17 percent in 2015 through November.
When the CEO of Valeant Pharmaceuticals International Inc. fell ill with pneumonia, panic began to spread throughout the company.
Little, the spokeswoman, declined to give any further details. “We wish him a speedy recovery and look forward to him returning to work when he is feeling better”, she said.
Mr. Pearson, a former consultant from McKinsey & Co., was appointed CEO of Valeant in 2008, and he steered the company through a phase of rapid growth and meteoric rise in the price of the company’s stocks.
Pearson and Valeant have staunchly denied the claims. Basically, the concerns amount to how Valeant – a company that pulls in almost $3 billion in revenue each year – is making its sales. Last year, Valeant joined hands with Bill Ackman to buy Allergan, but the Botox maker fought the hostile bid and ended up getting acquired by Actavis PLC.
Shares of Valeant have fallen almost 50% in the last three months. The company’s price hikes are the subject of investigations by the U.S. Congress and federal prosecutors in NY and MA.
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The drugmaker has said it plans to rebuild lost business in 2016 through a new distribution agreement with Walgreen’s pharmacies.