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Valeant completes accounting review; finds no new issues

The headquarters of Valeant Pharmaceuticals International in Laval, Quebec.
Christinne Muschi | Reuters
The headquarters of Valeant Pharmaceuticals International in Laval, Quebec.

Embattled drugmaker Valeant Pharmaceuticals International said on Tuesday that a board committee had completed a review of the company's accounting practices and had not found any new items that would require additional restatements.

Valeant's U.S.-listed shares were up 16 percent at $30.27 in premarket trading.

Valeant said last month that a board committee probing the company'sties to specialty drug distributor Philidor Rx had found accounting problems dating back to December 2014.




The drugmaker said on Tuesday it was on schedule to file its annual report on or before April 29 and that it would be in compliance with all financial covenants in its credit facility at the end of each affected quarterly period.

The company said last week it had asked its lenders for another month to file its annual report, seeking to reduce the risk of a default on its $30 billion debt if it missed the April 29 deadline.

Valeant was originally due to file its annual report by March 15 but said in February that it would not meet that deadline as a result of the review, which started in late 2015.