Valeant Bends On Hospital Discounts; 'Left' Turn Ahead
Executive Summary
Valeant Pharmaceuticals International Inc. pledged to provide hospitals up to 40% in discounts on two of the company's medicines, whose controversial high prices have gotten it into hot water. Meanwhile, short-seller Andrew Left said he was now long on Valeant, while T. Rowe Price sold 90% of its shares in the Canadian drug firm.
You may also be interested in...
Generic Glumetza Scripts Lupin's Strong US Run
Lupin Ltd. has reported stellar numbers for the fourth quarter ended March 2016, buoyed by US sales of its generic version of Glumetza (metformin HCL extended-release tablets), the Valeant Pharmaceuticals International Inc. drug dumped earlier this year by pharmacy benefits manager, Express Scripts Holding Co.
Regrets For Valeant's Ackman, Pearson; Big Pay For Papa
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.
Beware The 'Pitchforks,' Pharma
While lawmakers on March 17 spent another day on Capitol Hill beating up on Turing Pharmaceuticals Inc., it was the model that company and other firms like Retrophin Inc. and Valeant Pharmaceuticals International Inc. base their businesses on – buying up sole-source medicines and significantly raising their prices, rather than engaging in research and development activities – that was under scrutiny at the Senate Special Committee on Aging.