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valeant-pharmaceuticals

Valeant pays $54 million to settle U.S. kickback, fraud claims

By Jonathan Stempel NEW YORK (Reuters) – Valeant Pharmaceuticals International Inc will pay $54 million to settle civil charges that its Salix unit paid illegal kickbacks to induce doctors to prescribe seven of its products, causing the submission of thousands of fraudulent reimbursement claims to the U.S. government. The accord announced on Thursday by the U.S. Department of Justice covers alleged improper activity at the former Salix Pharmaceuticals Inc from 2009 to 2013, predating its April 2015 acquisition by Valeant for more than $11 billion. Salix admitted and accepted responsibility for routinely paying doctors hundreds or thousands of dollars, or offering perks including lavish meals at restaurants such as Le Bernardin and Nobu, to attend some of its roughly 10,000 “speaker programs,” including many with little or no educational value.

Valeant rejected joint takeover bid from Takeda, TPG in spring: source

Valeant Pharmaceuticals International Inc received a joint takeover offer from Japan's Takeda Pharmaceutical Co Ltd and TPG Capital Management LP [TPG.UL] this spring that the Canadian drugmaker rejected, according to a source familiar with the matter. The offer was made a few weeks before Joseph Papa took over as Valeant's new chief executive in April last week, the source told Reuters. Takeda and private equity firm TPG were ready to offer a substantial premium to Valeant, whose stock had fallen about 65 percent this year up to the close of trade on April 22 as the drugmaker was not just seeking a new head but was also hit by an accounting scandal, the source added.

U.S. investigative panel to look into drug pricing next year

By Sarah N. Lynch WASHINGTON (Reuters) – A U.S. House of Representatives investigative panel said it plans to hold a 2016 hearing on skyrocketing drug costs, a move that comes at a time when Valeant Pharmaceuticals International is facing increased scrutiny into its pricing practices. A spokeswoman for the U.S. House Committee on Oversight & Government Reform said on Monday the panel is conducting a thorough investigation into drug pricing and has reached out to drug companies to gather information. Earlier this month, the U.S. Senate Special Committee on Aging launched a new probe into drug pricing at Valeant and Turing, signaling growing bipartisan agreement on the need to review the rising cost of prescription drugs in the United States.