NEW YORK (AP) — Valeant Pharmaceuticals, which fell under withering scrutiny after acquiring the rights to drugs and then drastically raising their prices, is changing its name.
The Canadian company said Tuesday that it will be called Bausch Health Companies Inc. starting in July.
CEO Joseph Papa said in a prepared statement that the name change is "a major step forward" in the company's transformation.
Valeant Pharmaceuticals International Inc. fell into the crosshairs of Washington a couple years ago after an extended acquisition spree of other companies, followed by triple-digit price hikes on critical heart drugs and other medicines.
Its spate of acquisitions and soaring revenue propelled its stock through the roof, but it ran up a staggering $30 billion in debt — roughly three times its annual revenue.
Submitted May 08, 2018 at 10:18AM by StockJock-e https://ift.tt/2rrOemq
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