Ackman 'Throws In The Towel' – What's Next For Valeant?
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.
You may also be interested in...
Valeant is touting Siliq to lead new product growth, but the drug's significant safety concerns in a competitive psoriasis market likely will offset efficacy advantages it could offer.
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.
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.