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Old 01-15-2022, 12:42 AM
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ChuckF ChuckF is offline
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Join Date: Feb 2005
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Default Re: Martin Shkreli sentenced to Seven Years ...

Quote:
Originally Posted by Stephen Maturin View Post
Shkreli, who's the smirking, high-profile face of this heinous practice, justifiably got his cowardly ass kicked. However, for a glimpse at how the real pros do it, check out Season 1, Episode 3 of the Netflix series Dirty Money. There you'll hear the tale of Valeant Pharmaceuticals, which under the direction of a slimebucket named Mike Pearson decided the way to make money in the drug business was to buy up smaller pharma companies, thereby acquiring the smaller company's drug patents, shitcan all research and development, vastly jack up the prices on the acquired drugs, and engineer large-scale insurance fraud to pay for it.

Valeant, under a different name, continues to do business even after the scheme collapsed. Pearson, who got booted as CEO in 2016, remains a free man and filed a $30 million+ lawsuit for wrongful termination. No word on how the case ended, as the court in which the case was filed kicked it to arbitration, but it's reasonable to assume Pearson saw a hefty payday.
Hoo boy, Valeant. I think our Netflix account is currently paused, but I will have to check that out when next we turn it on. Valeant under Pearson was awful for the corporate raider/LBO stuff, and also got a really bad industry rap for so, so, so many other things. In a perverse way, their activities actually stimulated other areas of pharma because of the exodus of talent that their shit culture caused. Often rather than paying severance, they would just let things get progressively worse until people fled on their own. The smart ones got out early. Lots of good people bailed out of Salix when Valeant came in. Their acquisition/disposition and disposition of Sprout is one of the weirder stitch-ups and unwinds, wherein they acquired Sprout in cash and then turned around and sold it back to its originals owners for the same amount after getting called out for mispricing the only product of competitiveness. It amounted to an interest-free loan in exchange for single-digit royalties.
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