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Valeant shares on Thursday closed at $78.77 after having fallen
as much as 20 percent during the session. The company has been
under pressure over scrutiny of its high price markups and
accusations it used a pharmacy Philidor Rx Services, to inflate
revenue.
Valeant said that Pearson had pledged about 2 million shares as
collateral for loans of about $100 million that he used for,
among other things, financing charitable contributions,
purchasing Valeant shares, and meeting tax obligations related
to vesting and payment of Valeant equity awards.
Goldman Sachs required repayment of the loans and sold the
shares in order to be able to repay them in full, the company
said.
"It was not my desire that shares be sold now," Pearson said. "I
have the complete confidence in Valeant's ability to move
forward."
(Reporting by Caroline Humer; Editing by Chizu Nomiyama)
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