Drugmaker CEO to cite 'mistakes'
WASHINGTON — The outgoing CEO of embattled drugmaker Valeant Pharmaceuticals will tell lawmakers Wednesday that he was “too aggressive” and made mistakes in drastically hiking prices for several critical medicines, according to testimony provided to The Associated Press.
J. Michael Pearson will issue the unusual mea culpa on Capitol Hill for the business strategy that made Valeant an industry powerhouse but also triggered a backlash against the Canadian drugmaker.
“Let me state plainly that it was a mistake to pursue, and in hindsight I regret pursuing, transactions where a central premise was a planned increase in the prices of the medicines,” Pearson states in the written testimony.
The comments come days before Pearson is to be replaced as Valeant CEO, and may not win much sympathy from members of the Senate Committee on Aging. The committee is investigating the dramatic price increases pushed by Valeant and several other drugmakers.
The committee is also scheduled to hear from William Ackman, a billionaire hedge fund manager who is one of Valeant's leading investors and a board member. Howard Schiller, Valeant's former chief financial officer and a current board member, is also scheduled to testify.
