Valeant Reset: Will It Cure What Ails It?
Valeant Pharmaceuticals International Inc. finally filed its 10-K with the Securities and Exchange Commission, disclosing new investigations into the firm's pricing and business practices and further details about its shady dealings with the specialty pharmacy Philidor Rx Services Inc. The company also revealed its plans to shake up its board – nominating three new members.
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Trying to get out from under the shadow of ongoing investigations into its pricing and questionable business practices, which have led to its shares diving 90% in the past year, Valeant Pharmaceuticals International Inc. laid out its strategy for becoming a "new" company. But one analyst questioned whether the changes being made were simply "new paint on the same old shed."
Outgoing Valeant Pharmaceuticals International Inc.'s CEO Michael Pearson and board member Bill Ackman expressed regret during an April 27 Senate hearing about the price hikes of some of the Canadian firm's drugs and pledged change at the embattled company. Meanwhile, the company in a late-day securities filing disclosed it planned to pay incoming CEO Joseph Papa more than $67m in cash, restricted stock and options, which shocked and angered the Senate committee leaders.
It's the stuff Shakespearian plays, or lately, serial television dramas, otherwise known as "soap operas," are made of – accusations of greed, government investigations and a few knives to the back, with high-drama narratives arising and weaving their way through the ongoing storyline that is Valeant Pharmaceuticals International Inc.