Tag: Valeant Pharmaceuticals

Ackman: Valeant Could Name New CEO Sooner and Restore Value

Marivic Cabural Summers
Bill Ackman

The stock price of Valeant Pharmaceuticals (NYSE:VRX) (TSE:VRX) soared more than 18% to $44.77 per share after Bill Ackman said the pharmaceutical company could name a new CEO in a matter of weeks. Ackman serves as a board member of Valeant Pharmaceuticals and CEO of Pershing Square Capital Management, one of the largest investors of the pharmaceutical company. During a conference call with Pershing Square Capital’s investors on Wednesday, Ackman said, “We’re cautiously optimistic it’s a matter of weeks and not months in terms of identifying new management for the…

Read More

Ackman: Pershing Square to Cooperate with Senate’s Probe on Drug Pricing

Marivic Cabural Summers
Bill Ackman

Bill Ackman revealed that Pershing Square Holdings received a request for cooperation from a Senate Committee conducting an investigation on the pricing of off-patent drugs. In a letter and annual report to shareholders, Ackman said his firm will fully cooperate with the U.S. Senate Special Committee on Aging, which is seeking to have an understanding of the pharmaceutical industry and related regulatory and public policy concerns. The Special Committee started an investigation due to the sudden and significant increase in drug prices last year. Some of the pharmaceutical companies under…

Read More

Valeant Shares Tank on Report that It May Restate Financial Results

Marivic Cabural Summers
Valeant

The shares of Valeant Pharmaceuticals (NYSE: VRX) suffered a huge decline on Monday due to the report that it may restate its financial results following an internal review. The stock price of Valeant closed $75.91 per share, down by 10.68%. The shares of the Canadian specialty pharmaceutical company declined further by 7.79% to $70 each during the extended trading today. Valeant’s stock dropped from its highest trading price of $263.81 per share to as low as $69.33 per share over the past 52 weeks. The company lost more than 65%…

Read More