November 17, 2016 / 4:06 PM / a year ago

BUZZ-Valeant Pharmaceuticals International Inc: Two charged in probe

(UPDATES)

** Canadian drugmaker’s U.S. shares fall as much as 7 pct to $16.61 after U.S. federal prosecutors announce charges against two executives in connection with a probe 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 says both executives have not been charged at this time

** Says Gary Tanner ceased to be a Valeant employee on Sept. 13, 2015, while Andrew Davenport was never an employee of the company

** 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 5.3 pct to C$22.75

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

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