Valeant Pharmaceuticals International Inc. said late Wednesday it reached a settlement with R&O Pharmacy LLC and the companies have jointly requested that a court dismiss litigation proceedings. Valeant shares rose 1.3% to $67.72 after hours. Back in October, Valeant countersued R&O following the fallout of a billing dispute that focused attention on how Valeant deals with specialty pharmacies. Valeant said the terms of the settlement are confidential but it involves a payment for an undisclosed amount to Valeant from R&O. The dispute arose after short-selling firm Citron Research alleged that Valeant, through mail-order pharmacy Philidor, was faking sales with R&O, causing Valeant shares to drop.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News