Philidor, a specialty pharmacy facing backlash from accusations about its relationship with Valeant Pharmaceuticals, announced Monday it would close after losing the drugmaker's business.
Last week, some pharmacy benefit managers, and then Valeant, cut ties with Philidor, which short-seller Citron Research claimed had been used to prop up sales of Valeant drugs. Philidor said it would start to shut down principal operations after losing Valeant, its main client.
"We remain steadfast that Philidor has adhered not only to all applicable laws but to the highest standards of ethical business practice. Despite Philidor's best efforts to communicate this, Philidor's principal client, Valeant, has decided to end its relationship with Philidor," the company said in a statement.