November 17, 2016 / 3:52 PM / in a year

BUZZ-Valeant Pharmaceuticals International Inc: Two charged in probe

** Canadian drugmaker’s U.S. shares fall as much as 7 pct at $16.61 after U.S. federal prosecutors announce charges against two executives in connection with investigation into Valeant’s secret ties to specialty pharmacy company

** Former Valeant executive Gary Tanner and Andrew Davenport, former CEO of specialty pharmacy Philidor Rx, charged in a criminal complaint filed in Manhattan

** Valeant embroiled in 12 government and regulatory investigations

** “Several of these legal proceedings get underway in 2017 ... and Valeant has not reserved for any potential legal liabilities,” Wells Fargo’s David Maris writes in client note

** Toronto-listed stock falls as much as 7.7 pct to C$22.19

** Up to Wednesday’s close, stock had fallen 82.43 pct YTD

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