BUZZ-Valeant Pharmaceuticals International Inc: Cuts ties with Philidor

Fri Oct 30, 2015 6:19am EDT
 
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** Canadian drugmaker's U.S.-listed shares down 7 pct at $103.5 premarket

** Company says it is terminating all ties with Philidor due to allegations related to the specialty pharmacy distributor's business practices

** Philidor informed Valeant that it will shut down operations as soon as possible, Valeant says

** Influential short-seller Citron Research had accused Valeant of using Philidor to create "phantom sales" of its products, an allegation Valeant denied outright

** Up to Thursday's close, the stock had fallen 24 pct since Citron published its report on Oct. 21