The bad news for Valeant Pharmaceuticals keeps on coming.

A bipartisan Senate probe into the controversy over pricey pharmaceutical drugs gave Valeant shares another drubbing Wednesday.

The Senate Special Committee on Aging, led by Republican Chair Susan Collins of Maine and ranking Democrat Claire McCaskill of Missouri, said it is seeking documents from four drug companies, including Valeant and Turing Pharmaceuticals — both of which have been skewered for hiking prices on lifesaving drugs — before holding a hearing.

Valeant shares fell 6 percent, to close at $91.96, another record low since the controversy erupted in September.

Over a month ago, House Democrats on an investigative committee called for subpoenas of Valeant and Turing, but they were blocked by the Republican chair. The Democrats reiterated their call Wednesday.

Valeant, in a statement, said it will cooperate with the Senate committee. The beleaguered Canadian company had already responded to McCaskill’s concerns with a seven-page letter on Oct. 14 laying outs its drug pricing strategy.

Despite soaring health care costs, the Obama administration agreed not to cap drug prices in its national health care plan.

Comments
anonymous profile image
Powered by RoundtableBuilt on infrastructure designed for real-time media. Learn more at RTB.io.© Roundtable 2026. By using this site you agree to the Terms of Use and Privacy Policy