Ackman, Valeant Offer Apologies, Concessions at Drug Hearing
- CEO Pearson, investor Ackman, former CFO testify in Washington
- `It was a mistake to pursue' big price hikes, Pearson says
Valeant Senate Hearing in Three Minutes
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Valeant Pharmaceuticals International Inc.’s outgoing chief executive, Mike Pearson, and billionaire investor Bill Ackman offered and concessions to U.S. lawmakers on Wednesday at a Senate hearing on the price of drugs where the company was criticized by Republicans and Democrats for its business practices.
At the panel’s third hearing on drug costs, Ackman, whose hedge fund is now a major shareholder in the drugmaker, and Pearson both said it was a mistake to jack up the prices of drugs after buying them -- a strategy that until last year had made Valeant a darling of Wall Street.