Michael Pearson admits Valeant was 'too aggressive' in price hikes

28 April 2016

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.

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