Some Valeant employees allegedly posed as superheroes while helping out Philidor.
A report from The Wall Street Journal on Sunday uncovered perhaps the most exciting nugget from the whole Valeant-Philidor melodrama that has been enveloping markets in recent days.
Namely, that some Valeant employees went by names including “Peter Parker,” “Jack Reacher,” and “Brian Wilson” in emails when their real identities were, well, different.
Philidor is the specialty pharmacy company that sells Valeant’s dermatological products and has come under scrutiny due to its accounting relationship with Valeant, among other things.
According to the Journal, Bijal Patel, a Valeant employee, sent emails to employees at Philidor Rx Services under the name “Peter Parker” (also known as Spiderman’s alter ego).
Patel was involved with developing Philidor’s “structures and processes” during the company’s early days, according to a Valeant spokeswoman that spoke with the Journal.
A spokeswoman from Philidor also told the Journal that separate names were used, “primarily to reduce the risk of incorrectly sharing either company’s proprietary information,” and added that Philidor employees knew these people’s real identities.
Of course, as Bloomberg’s Matt Levine wrote on Monday, that other employees knew the full story behind why some people were posing as superheroes in emails is only a “very partial explanation.”
On Monday, Valeant was holding a conference call to discuss the Philidor situation.
Valeant said on the call that Philidor makes up 5.5% of its revenue and specialty pharmacies account for 7.2% of the company’s total revenues. Business Insider’s Linette Lopez has live updates from the call here.
In its presentation accompanying the conference call on Monday, Valeant said only that its board’s ad hoc committee “plans to review” the situation addressed in the Journal’s report.
In pre-market trading on Monday, Valeant shares were down about 7%.
And perhaps as all news related to Valeant for the foreseeable future should be addended, this story is developing.
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