Michael Pearson of Valeant Pharmaceuticals International hospitalised on HWN UPDATE

J. Michael Pearson, the embattled chief executive of Valeant Pharmaceuticals International, has been admitted to the hospital for severe pneumonia, a spokeswoman for the company confirmed on Friday.

The spokeswoman, Laurie W. Little, declined to provide further details. She said that out of respect for the privacy of Mr. Pearson and his family, the company would update his condition only as appropriate. “We wish him a speedy recovery and look forward to him returning to work when he is feeling better,” Ms. Little said in an email.

Mr. Pearson, 56, has been struggling to reassure investors about the future of Valeant, as the company comes under fire for its drug pricing and distribution policies. Valeant’s strategy of acquiring old drugs and sharply raising their prices, often by several hundred percent, has attracted attention from Congress.

It also faces scrutiny for its secret relationship with Philidor Rx Services, a mail-order pharmacy that dispensed some of Valeant’s expensive dermatology drugs and took care of getting them reimbursed by insurance companies. Valeant severed its ties to Philidor in October, after questions were raised about the pharmacy’s practices.

Source: WWWN, HWN Africa.