Valeant has told outgoing CEO to cooperate with Senate

AP News
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Posted: Apr 11, 2016 9:25 AM

Valeant Pharmaceuticals asked its CEO to cooperate with a Senate investigation into drug pricing after he failed to appear for a deposition.

The Senate Special Committee on Aging said last week that it planned to start legal proceedings against J. Michael Pearson, who is leaving Valeant. The executive is still under subpoena to appear before the committee for an April 27 hearing.

The committee is planning its third hearing since December on soaring drug prices.

Valeant Pharmaceuticals International Inc. has built its business in part by buying rights to older drugs and then hiking their prices. The Canadian drugmaker faces three federal probes into its accounting and business practices.

Shares of Valeant are climbing before the opening bell.