Valeant says its CEO is in dialogue with Senate Committee

11 April 2016

According to media reports this morning, the US Senate Committee on Aging may soon start contempt proceedings against Canadian drugmaker Valeant Pharmaceuticals International's (TSX: VRX) chief executive Michael Pearson.

"Michael Pearson was under subpoena to appear for a deposition related to the Senate Special Committee on Aging's drug pricing investigation, and he did not comply with that subpoena," Senators Susan Collins and Claire McCaskill said in a statement, adding: "It is our intent to initiate contempt proceedings against him."

In response to the statement, Valeant issued a communiqué stating: "The board has requested Mr Pearson's cooperation in connection with a subpoena for deposition from the Senate Committee on Aging prior to the Committee's scheduled April 27 hearing. The board understands that Mr Pearson is in dialogue with the Senate Committee on Aging regarding his deposition and that those discussions are ongoing."

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