Oct 26 (Reuters) - Valeant Pharmaceuticals International Inc (N:VRX) VRX.TO :
* Confirms appropriateness of accounting, appoints ad hoc board committee to
review Philidor
* Says Valeant also believes that the company is in compliance with applicable
law
* Audit and risk committee and full board have reviewed the company's
accounting for its Philidor arrangement
* Ad hoc committee will be chaired by Robert Ingram, the company's lead outside
director
* Based on its review conducted to date, Valeant also believes that company is
in compliance with applicable law
* Other issues have been raised publicly about Philidor's business practices,
it is appropriate that they be fully reviewed"
* In light of the recent allegations made regarding Philidor", board to
establish ad hoc committee
* Other members of committee will include Norma Provencio, chairman of
audit,risk committee; Colleen Goggins; and Mason Morfit
* Ad hoc committee to review allegations related to co's business relationship
with Philidor, related matters
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