Contracts show Valeant's bonuses offer to pharmacy
Documents provide new insights into relationship at the heart of drug maker's share meltdown
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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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