Valeant Pharma establishes ad hoc board committee to investigate and clarify its relationship with Philidor

The Chairman of Valeant Pharma denied the allegations of fraudulent dealing with speciality pharmacy Philidor, and stated that:

• Valeant stands by its accounting treatment of transactions with Philidor which it states were within accounting rules.
• The business model of using specialty pharmacies is sound and is an important part of the strategy of the company.
• It is a model that delivers enormous benefits to both patients and physicians.

However the company has decided to form an ad hoc committee of its board to review the allegations and its relationship with Philidor.