Valeant Pharma board forms committee to look into drug company’s ties to Philidor
Valeant Pharmaceuticals is forming a committee to delve into the drug company’s relationship with the specialty pharmacy Philidor, which was the target of a scathing research report last week.
The board committee will be chaired by the Canadian company’s lead outside director, Robert Ingram.
Valeant said last week that it had purchased an option late last year to buy Philidor.
The short seller research firm Citron said in a report Wednesday that it appears Valeant and Philidor have created a network of phantom pharmacies to trick auditors.
Valeant is currently under Congressional scrutiny over its drug prices. Later on Monday, 10 company executives will hold a conference call to address concerns about Philidor.
U.S.-traded shares of Valeant Pharmaceuticals International Inc. are down almost 12 per cent in premarket trading.
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