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EX-VALEANT EXECUTIVE, EX-PHARMACY CEO CHARGED FOR FRAUD SCHEME


U.S. prosecutors on Thursday filed charges against a former Valeant Pharmaceuticals International Inc (VRX.TO) executive and a former CEO of mail order pharmacy Philidor Rx Services, alleging they engaged in a multimillion-dollar fraud and kickback scheme. Federal prosecutors in Manhattan accused Gary Tanner, a former senior Valeant director, of secretly agreeing with former Philidor CEO Andrew Davenport to pay $100 million for the right to buy the specialty pharmacy, which is now defunct. That deal resulted in Davenport earning $40 million, $10 million of which he secretly kicked back to Tanner, who used his position to expand the number of Valeant products sold through Philidor, prosecutors said.

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