Morning Briefing
Summaries of health policy coverage from major news organizations
Once Wall Street's Darling, Now-Bruised Valeant Tries To Recover From Missteps
The Wall Street Journal: Valeant To Sell INova Unit For $930 Million
Valeant Pharmaceuticals International Inc. reached a deal to sell its iNova Pharmaceuticals unit for $930 million, as it works to reset itself after a crisis, cutting billions in debt and refocusing on its core treatment areas and geographies. iNova sells prescription and over-the-counter products in areas such as weight management, pain management, cardiology and cough and cold. It operates in more than 15 countries, including with large market positions in Australia and South Africa and also has an established platform in Asia. (Hufford, 6/8)
In other pharmaceutical news —
Stat: Mylan Fights With A Shareholder Advisory Firm Over Report
Scrambling to contain investor unrest, Mylan is sparring with a big shareholder advisory firm over a report concerning the pay package given its non-executive chairman, Robert Coury, as well as his role at the beleaguered drug maker. In a June 6 letter to Institutional Shareholder Services, several Mylan board members objected to the firm’s decision not to share its report before it is distributed to its clients. And they chided ISS for its unwillingness to acquiesce during a meeting that took place on Monday, according to their letter, which was filed with the U.S. Securities and Exchange Commission. (Silverman, 6/7)
Kaiser Health News: Former Pharma Reps’ New Mission: To School Docs On High Drug Costs
As a drug salesman, Mike Courtney worked hard to make health care expensive. He wined and dined doctors, golfed with them and bought lunch for their entire staffs — all to promote pills often costing thousands of dollars a year. Now he’s on a different mission. When Courtney calls on doctors these days, he champions generic drugs that frequently cost pennies and work just as well as the kinds of pricey brands he used to push. (Hancock, 6/8)
