Beleaguered drug giant Valeant Pharmaceuticals International (VRX) announced Friday that it’s severing all ties with specialty pharmacy Philidor, which it said would be shutting down completely as criticism mounts over its business practices. Philidor first hit the headlines last week, when the New York Times mentioned it in an article about specialty pharmacies. A few days later, short seller Citron Research claimed that Philidor was really a
CVS Health (CVS) and Express Scripts (ESRX), the nation’s two largest pharmacy benefit managers, axed the Valeant Pharmaceuticals (VRX)-linked Philidor Rx Services from their networks. Valeant shares plunged 12.2% to 97.94 in after-hours trading on the stock market today. The drugmaker has been hit by questions about its drug-pricing methods as well as its accounting and business practices. Its stock has plunged 63% since hitting an all-time
Embattled specialty-drug giant Valeant Pharmaceuticals (VRX) said Monday that it’s appointing an ad hoc committee to review its relationship with Philidor, a specialty pharmacy that has become the center of a barrage of allegations in recent weeks. The once-leading stock continued to struggle, falling as much as 6.4% in early trading in the stock market today. In midday trading, Valeant stock was down nearly 2%, near 114. Shares touched an