Shares of Bausch Health Companies Inc. were decimated Thursday, falling as much as 54 per cent before being halted, after the company was dealt an unfavourable ruling in a patent dispute.
In an oral ruling, a Delaware judge found that some patent claims tied to the company’s Xifaxan drug to treat irritable bowel syndrome were invalid, opening up the door for Norwich Pharmaceuticals Inc.’s planned generic version of the drug.It’s been a dramatic fall from grace for Bausch, which in its former incarnation as Valeant Pharmaceuticals International Inc. briefly eclipsed Royal Bank of Canada as the nation’s largest publicly-traded company.
Valeant and three former executives, including former CEO Michael Pearson, agreed to penalties to settle charges of misleading disclosures and improper revenue recognition with the U.S. Securities and Exchange Commission two years ago. The company neither admitted nor denied the regulator’s findings, nor did the executives.
That scandal and subsequent drop in the company’s share price compounded Valeant’s debt problems, after it piled on debt to finance a string of acquisitions.
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