Contracts show Valeant's bonuses offer to pharmacy
Documents provide new insights into relationship at the heart of drug maker's share meltdown
New York
EMBATTLED drug maker Valeant Pharmaceuticals International offered tens of millions of dollars in incentives to a pharmacy to sell its products even as the relationship between the two was kept private, according to documents released by a Senate committee.
The 818 pages of documents, part of a trove reviewed by the Senate Special Committee on Aging before an April 27 hearing, provide new insights into a relationship that was at the heart of Valeant's eventual share meltdown - the drug maker's financial arrangements with Philidor Rx Services, a nominally independent pharmacy that has since ceased operations. The documents also reveal a behind-the-scenes effort by billionaire investor Bill Ackman, one of Valeant's chief backers, to win support for Valeant from an early critic inside Warren Buffett's Berkshire Hathaway.
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