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Pharmaceutical company Valeant said last week that it severed ties with specialty pharmacy Philidor because it had lost confidence in Philidor's operating practices. This comes as the two biotech companies are embroiled in a controversy over potentially inflated revenues.
An October research note by Citron Research claimed that Valeant used Philidor and other specialty pharmacies to prop up sales of its drugs. Last month CVS also cut Philidor from its network for "noncompliance with the terms of its provider agreement," and Express Scripts, the largest pharmacy benefit manager, is in the process of doing the same.
Activist investor and CEO of Pershing Square Capital Bill Ackman has been declaring his support for Valeant throughout this controversy. CNBC obtained an email which Ackman personally sent to Valeant CEO Michael Pearson Wednesday afternoon.
Read the full email below:
In light of recent press reports, I thought it would behelpful for me to communicate my thoughts on your leadership of Valeant. We share the board's confidence in you and your leadership.
While I have strong views on Valeant's communication strategy and would have taken a different approach, you and the board should not interpret this as a negative reflection on my view of you as the CEO of the company. I understand that the company's counsel and the board may have different views on what can be communicated in light of regulatory scrutiny. This is indeed a judgment call, and I respect the board's decision in this regard.
You are one of the most shareholder-oriented CEOs I know. You have assured me that you and the rest of the board are considering any and all alternatives that would benefit shareholders and other stakeholders. That is very comforting to us.
— CNBC's Jacob Pramuk and Reuters contributed to this story