REPORT: Valeant is under criminal investigation

Valeant Pharmaceuticals, the troubled Canadian drugmaker, is under a criminal investigation according to the Wall Street Journal.

Federal investigators are considering bringing charges for defrauding investors with its relationship to specialty pharmacy Phildor, said the Journal citing unnamed sources familiar with the matter.

According to the report, US District Attorneys based in New York are considering whether Philidor unfairly directed patients towards higher-priced drugs made by Valeant instead of lower cost options without revealing the relationship between the two firms.

Philidor, which no longer exists, stated in a letter to a US Senate Committee investigating Valeant that it did not push patients towards Valeant’s products.

More to come…

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