- Shares fell 5.1 percent after short seller report on Valeant
- Drugmaker says it has no affiliation with specialty pharmacies
Allergan Plc, which fell after competitor Valeant Pharmaceuticals International Inc. came under criticism by a stock commentary site, said it doesn’t use specialty pharmacies that are the focus of the short seller’s report.
“There has been recent and potentially distracting speculation regarding the use of specialty pharmacies for the distribution of pharmaceutical products by certain pharmaceutical companies,” Allergan said in a statement. The company “does not rely on specialty pharmacies for the distribution of its products.”
Allergan shares were halted before the announcement. They fell 5.1 percent to $250.10 at 12:04 p.m. in New York.
Allergan said that 97 percent of its brand-name products are distributed by traditional wholesalers. The rest, notably Botox Therapeutic and Zenpep, go through what the company said are unaffiliated specialty pharmacies.