Valeant’s interim CEO says the company will put sharp price hikes on hold

The headquarters of Valeant Pharmaceuticals International Inc. seen in Laval Quebec
Thomson Reuters

Valeant Pharmaceuticals’ new interim CEO Howard Schiller said the company will steer clear of sharp price increases for the foreseeable future.

In interview with the Financial Times’ David Crow, Schiller, a former Valeant CFO who is stepping in while J. Michael Pearson is hospitalized, discussed the company’s plans for 2016.

Valeant’s practice of buying off-patent drugs and drastically increasing the price came under fire shortly after Democratic presidential candidate Hillary Clinton tweeted her disdain for price gouging.

Valeant named Schiller interim CEO Wednesday after Pearson fell ill with severe pneumonia.

Schiller also told Crow that Valeant’s deals hiatus could last longer than a year, contingent upon getting to a “comfortable place on debt.”

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