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Valeant Bends On Hospital Discounts; 'Left' Turn Ahead

 
• By Donna Young

Valeant Pharmaceuticals International Inc. pledged to provide hospitals up to 40% in discounts on two of the company's medicines, whose controversial high prices have gotten it into hot water. Meanwhile, short-seller Andrew Left said he was now long on Valeant, while T. Rowe Price sold 90% of its shares in the Canadian drug firm.

Valeant Pharmaceuticals International Inc. on May 16 said it was offering hospitals discounts of at least 10% and up to 40% for its drugs Nitropress (sodium nitroprusside) and Isuprel (isoprenaline), whose controversial price hikes had gotten the firm into hot water with lawmakers and federal investigators.

It's unclear whether the move will put more pressure on other drug makers to follow suit – especially since Valeant...

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