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How Valeant Pharmaceuticals International Inc got here: A timeline of takeovers and tumult

Valeant CEO Mike Pearson. The past few months for the troubled Canadian drugmaker have also put a question mark over its overall strategy of rapid acquisition-driven expansion and aggressive price hikes.

Valeant Pharmaceuticals International Inc, which has been under scrutiny over its pricing and accounting practices, cut its 2016 sales and earnings forecast on Monday, and said a delay in filing its annual report put it at risk of a default on its $30 billion debt. Recent years months for the troubled Canadian drugmaker have also place a question mark over its overall strategy of rapid acquisition-driven expansion and aggressive price hikes.

Following is really a review of key events in Valeant’s history:

December 2007: Biovail Corp of Canada, Valeant’s predecessor, pays $138 million to settle a shareholder lawsuit accusing it of creating false statements to inflate its stock price.

February 2008: California-based Valeant Pharmaceuticals International names McKinsey & Co veteran and pharmaceutical acquisitions expert Michael Pearson since it’s CEO. It buys Coria Laboratories for $95 million and Australia’s DermaTech for $12.Six million that year.

March 2008: The U.S. Filing charges Biovail Corp, its former CEO, and three other senior executives with fraudulent accounting and making a number of misstatements to analysts and investors.

January 2009: Valeant buys Dow Pharmaceutical Sciences Inc, a maker of topical dermatology products, for $285 million and buys Mexican generic drugmaker Tecnofarma.

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