Valeant to examine ties with speciality pharmacy

New York

EMBATTLED Valeant Pharmaceuticals International said on Monday that its accounting related to its relationship with a speciality pharmacy was legal and appropriate, but added that its board was nonetheless forming a special committee to investigate the relationship.

Valeant, based in Laval, Quebec, disclosed for the first time last week that it had acquired an option to buy the speciality pharmacy, Philidor Rx Services, which dispenses some of Valeant's dermatology drugs. That alone was controversial because such pharmacies can be used to promote high-priced drugs, and Valeant was already being scrutinised by lawmakers, the news media and federal prosecutors for sharply raising drug prices.