October 24, 2006 |
Valeant Pharmaceuticals International said Monday that it would restate some financial results because of errors in the Costa Mesa company's accounting for stock options. Based on the review so far, the company said financial statements for 1997 and after should no longer be relied upon because of option accounting errors. Moody's Investors Service reacted to news of the accounting errors by placing Valeant's debt under review for possible downgrade.
March 29, 2011 |
Valeant Pharmaceuticals International Inc., a Canadian drugmaker focused on neurology and dermatology, made a hostile bid to buy Cephalon Inc. for about $5.7 billion, or $73 a share in cash. The offer is a 24% premium to Tuesday's closing price of $58.75 for Cephalon. The Frazer, Pa., company's shares jumped to $72.89 after the close of regular trading. Valeant will attempt to replace Cephalon's current board of directors with its own nominees after making several private approaches to the company, which showed "unwillingness to engage in discussions in a timely manner," Valeant said Tuesday.
March 3, 2007 |
Valeant Pharmaceuticals International's former president must repay the drug maker at least $4.8 million over a bonus tied to a unit's aborted spinoff, a Delaware judge has ruled. Valeant directors, led by former Chief Executive Milan Panic, violated their duties to shareholders by awarding the bonus to Adam Jerney after the company sold 20% of its Ribapharm hepatitis drug unit to the public, Chancery Judge Stephen Lamb found. A planned spinoff was later abandoned.
June 22, 2010 |
The once high-flying drug company Valeant Pharmaceuticals International of Aliso Viejo will be taken over by Biovail Corp. of Canada to form a new company that retains the Valeant name, the firms said Monday. The headquarters of the new Valeant will be in Mississauga, Ontario, but the Orange County office will remain open and the current Valeant chief executive, J. Michael Pearson, will head the new company. Not everyone will stay, however. Pearson said combining the companies, which is expected to be completed by the end of the year, would result in job cuts of up to 20% from their workforce.
December 16, 2011 |
Shares of Ista Pharmaceuticals Inc. rose higher than the $327-million hostile bid by Valeant Pharmaceuticals International Inc. of Canada, indicating that investors expect more. The Irvine eye medications maker's stock climbed $2.79, or 71.7%, to $6.68 on Friday, more than the $6.50 a share offered by Valeant. The surge was the most since Ista became publicly traded in August 2000. Valeant, which has announced 10 acquisitions this year, made its bid public Friday after Ista rebuffed three approaches, the Ontario, Canada, company said in a statement.
September 7, 2010 |
The combined workforces of Valeant Pharmaceuticals International, based in Aliso Viejo, and Biovail Corp., in Ontario, Canada, will be reduced more than originally announced when Biovail said it was taking over the local firm. According to an e-mail included in a Securities and Exchange Commission filing Tuesday, Valeant Chief Executive J. Michael Pearson said that about 25% of the workforce would be laid off when the transaction was complete. In the June announcement, the companies placed job losses at 20%. As of the end of last year, Valeant had about 3,100 employees, and Biovail, Canada's largest drug company, had about 1,300, according to regulatory filings.
April 15, 2004 |
Valeant Pharmaceuticals International, which changed its name from ICN Pharmaceuticals Inc. last year, must halt sales of a skin-care product that a jury found infringed a rival's patents, a judge ruled. U.S. District Judge Joseph J. Farnan Jr. in Wilmington, Del., concluded that Valeant should be permanently barred from selling its Glyquin line of skin lotions designed to bleach out age spots. In November, jurors concluded that Valeant intentionally infringed TriStrata Technology Inc.'
March 5, 2004 |
Valeant Pharmaceuticals International of Costa Mesa said Thursday that its loss narrowed in the fourth quarter despite a 63% plunge in royalty payments on ribavirin, a drug used to treat hepatitis C. The company, formerly called ICN Pharmaceuticals, reported a net loss of $1.8 million, or 2 cents a share, compared with a net loss of $100.7 million, or $1.20, in the year-earlier quarter. Revenue fell 12% to $176.2 million from $199.6 million because of the lower royalty payments.
November 12, 2003 |
ICN Pharmaceuticals' mission was to come up with a name that had panache -- but not Panic. Three months and $1 million later, executives have settled on Valeant Pharmaceuticals International. The appellation, which will be unveiled today, will help distance the Costa Mesa company from its checkered past and flamboyant founder, Milan Panic, while conveying a renewed sense of "values" and "vitality," said Timothy Tyson, president and chief operating officer.