What a difference a week makes. Last week we reported that Valeant(VRX) was considering spinning off its Neuro drugs. Now, in the face of mounting conerns about its relationship with specialty pharmacies including Philidor, the company assures us that everything is ok. On a conference call this morning, CEO J. Michael Pearson told a questioner that the Neuro spin or sale is not happening any time soon.
Last week, Valeant CEO said the company was weighing a spin off or sale of its Neuro division.
When asked on the call what would be happening with that division now, CEO Michael Pearson said that any such options are likely “on the back burner now.”
“We won’t do anything with neuro or other businesses for the foreseeable future,” he said.
Though, given the last week, the foreseeable future for Valeant is fairly short.
Disclosure: The author owns Valeant puts.