The outgoing chief executive of troubled Canadian drugmaker Valeant Pharmaceuticals International (TSX: VRX) has admitted to a US Senate committee that he made mistakes in leading the company’s "aggressive" strategy on buying old drugs and increasing their prices.
Michael Person had been summoned to testify at the US Senate Special Committee on Aging hearing on Wednesday as part of investigations into its accounting practices.
Mr Pearson, who will be succeeded by former Perrigo (NYSE: PRGO) boss Joseph Papa next month after eight years as Valeant’s chief executive, prepared a written statement to present to the committee as part of his evidence.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
7 day trial access
Become a subscriber
Or £77 per month
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
Copyright © The Pharma Letter 2024 | Headless Content Management with Blaze