Ackman Warned Valeant 'Rome Was Burning,' Begged 'Tell The Truth'
More than 800 pages of documents released by the Senate Aging Committee revealed often intense emails last fall from activist shareholder Bill Ackman to Valeant Pharmaceuticals International Inc. warning it was on the "brink of catastrophe" and needed to fess up about its relationship with Philidor Rx Services Inc.
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Valeant's prospects were dim with or without Pershing Square's continued backing, but at least one analyst says Ackman's departure sends a signal that business won't rebound at the Canadian specialty pharma any time soon.
FDA approval of the first oral form of Valeant’s mu-opioid receptor antagonist Relistor will pit the franchise against Movantik for the treatment of patients with opioid-induced constipation with non-cancer pain.
Valeant experienced more humiliation last week, with Sequoia Fund completely exiting its position, the former CEO dumping about 5 million shares and the FDA raising suicide concerns with brodalumab, likely limiting its market potential.