Valeant investigated over Philidor links
Beleaguered Canadian drugmaker Valeant (TSX: VRX) is being investigated over claims that it conned insurers by hiding its ties to the mail-order pharmacy Philidor Rx Services to boost drug sales.
The company has faced high-profile probes over its large drug price increases in the last year and – until news of this latest investigation broke this week – its recovery under new boss Joe Papa appeared to be underway.
Its share price had soared by more than 25% on the publication of Valeant’s latest quarterly results which reaffirmed 2016 revenue estimates, but the share's value dropped again by more than 10% on Thursday.
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