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Outgoing Valeant CEO tells Senate he regrets price hikes

Outgoing Valeant Pharmaceuticals Chief Executive Michael Pearson plans to tell a U.S. Senate panel on Wednesday that it was a "mistake" to jack up the price of two life-saving heart drugs after their acquisition.

"The company was too aggressive and I, as its leader, was too aggressive in pursuing price increases on certain drugs," Pearson said in prepared testimony before the Senate Special Committee on Aging.

The committee is one of two U.S. congressional panels investigating sky-rocketing price increases of certain decades-old drugs, including four drugs acquired by Valeant and one drug acquired by Turing Pharmaceuticals, a company founded by Martin Shkreli.

Pearson appeared on Wednesday alongside Valeant's activist investor and board member William Ackman and board member Howard Schiller. Ackman said that his first priority is to make sure Valeant doesn't go bankrupt.

One area that lawmakers will be focused on is how little Valeant invests in researching and developing new drugs compared to the industry standard.

Senator Claire McCaskill, the top Democrat on the panel, is expected to tear into Valeant for being nothing more than a "shell company" created to...


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