Valeant Surges on Drug Distribution Agreement With Walgreens
- Deal will lower prices by 10 percent on skin, eye products
- Drugmaker aims to extend new model to other pharmacies
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Valeant Pharmaceuticals International Inc. shares rocketed up on the drugmaker’s pact to sell skin and eye medications through Walgreens Boots Alliance Inc. at a lower price.
The company, under scrutiny for its drug-pricing practices, will discount its brand-name dermatology and ophthalmology prescription products by 10 percent for distribution through Walgreens’ more than 8,000 U.S. pharmacies, according to a statement on Tuesday. The Laval, Quebec-based company also plans to extend the distribution model to other independent pharmacies.