Valeant gets notice of default from bondholders

Canadian pharma company Valeant Pharmaceuticals International Inc. received a notice of default from bondholders for the delay in filing its first-quarter report for 2016.

The company stated that it could avert default by filing the report by 18 July 2016.

Previously, Valeant had said it expected to file the report with U.S. and Canadian regulators on or before 10 June 2016, ahead of a 31 July deadline.

Valeant’s growth through acquisitions made it one of the pharmaceutical industry’s most widely owned stocks but its prospects were affected on accounting scandals, questionable business practices and lawmaker’s concerns about sharp price hikes on its products.

Source: Reuters