Valeant Hires Former U.S. Deputy Attorney General Mark Filip As Adviser

Valeant Pharmaceuticals International Inc. said Friday it has hired former U.S. Deputy Attorney General Mark Filip to advise the special committee set up to probe allegations relating to its relationship with specialty pharmacy Philidor and related matters. Filip is currently at law firm Kirkland & Ellis LLP. Earlier, Valeant said it was severing all ties with Philidor and said the pharmacy itself was shutting down operations. Valeant shares have been rocked in recent weeks amid allegations that it was using its relationship with Philidor and other pharmacies in its network to inflate revenue. Shares were down 7% in premarket trade, and have lost 37% in the month, while the S&P 500 has gained 8.8%. Hedge fund manager Bill Ackman is scheduled to host a conference call at 9 a.m. Eastern to discuss his stake in Valeant.

Copyright © 2015 MarketWatch, Inc.