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UPDATE 1-Valeant to set up panel to review link with specialty pharmacy

Published 2015-10-26, 07:04 a/m
© Reuters. UPDATE 1-Valeant to set up panel to review link with specialty pharmacy
BHC
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(Adds details, shares)
Oct 26 (Reuters) - Valeant Pharmaceuticals International Inc (N:VRX)
VRX.TO VRX.N said on Monday it would set up an ad hoc
committee to look into allegations related to the company's
association with specialty pharmacy distributor Philidor.
Valeant, whose U.S.-listed shares were down more than 13
percent in premarket trading, also said a board review had found
that the company was in compliance with the law on revenue
recognition from drugs sold through Philidor.
Valeant's link to Philidor and its option to buy the company
came under scrutiny after a New York Times report said that
Valeant and other drugmakers were using specialty drug
distributors to circumvent barriers to raising prices.
Valeant said on Monday that net sales recognized through
Philidor represented about 7 percent of its total consolidated
net revenue of $2.79 billion for the quarter ended Sept. 30.
The drugmaker received a subpoena from U.S. prosecutors on
Oct. 14 seeking details on its patient assistance programs, drug
pricing and distribution practices.
Valeant also said on Monday it had added Mason Morfit, the
president of hedge fund ValueAct Capital, to its board.
ValueAct is Valeant's fourth-biggest shareholder, with a
stake of about 4.4 percent, according to Thomson Reuters data.
Up to Friday's close of $116.16, Valeant's shares had lost
nearly 35 percent of their value since the company received the
federal subpoena.

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