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Claire McCaskill

Lawmakers blast Valeant for price-gouging tactics

Lawmakers accused Valeant Pharmaceuticals of gouging patients to reward Wall Street investors during a hearing Wednesday scrutinizing the embattled drugmaker's pricing tactics.

The blistering criticisms from Senate Republicans and Democrats came as Valeant's outgoing CEO expressed regrets for the most egregious price increases and a billionaire hedge fund investor defended the company's business model.

Valeant's stock price surged for years, fueled by a strategy of gobbling up smaller companies and raising prices on niche drugs — bypassing the huge research and development investments typical of the drug industry. The company seemed to offer a cheaper, more reliable...

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