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UPDATE 1-U.S. panel asks Valeant to justify withholding documents

Published 2016-03-10, 01:01 p/m
© Reuters. UPDATE 1-U.S. panel asks Valeant to justify withholding documents
PSON
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BHC
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(Adds Valeant's statement)
March 10 (Reuters) - A U.S. congressional committee stepped
up the pressure on Valeant Pharmaceuticals International Inc (NYSE:VRX)
VRX.TO VRX.N on Thursday, urging the company to explain why
it was withholding documents related to an investigation into
drug pricing.
The House Oversight Committee had sent a letter to Valeant
Chief Executive Michael Pearson (LON:PSON) last August, seeking documents
about steep hikes in prices of two of the company's heart drugs.
The drugmaker rejected the request in September, saying the
information was "highly proprietary and confidential", the
committee said in a statement on Thursday.
The committee said it had sent another letter to Pearson
last week, seeking descriptions of each undisclosed document,
the total number of pages of each document withheld, and the
rationale behind the withholding. (http://1.usa.gov/222CLrJ)
"We are surprised and puzzled by the committee's statement
given that we have produced more than 78,000 pages of
documents," Robert Kelner, partner at Covington & Burling, who
is representing Valeant said.
"...we have declined to produce documents covered by the
attorney-client privilege, and we are preparing a log for the
committee detailing what documents are being withheld under that
privilege," Kelner said.
Valeant's business and accounting practices came under
regulatory scrutiny late last year. The company's shares have
tumbled around 75 percent since their record-high of $263.81 in
August.
They were trading down 1.8 percent at $65.68 on Thursday.

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