Valeant’s successor must pay $45 million

Bausch Health — the pharma company formerly known as Valeant — is on the hook to pay $45 million to the Securities and Exchange Commission. Regulators claim that Valeant misled investors about the impact of a 500% price hike on its diabetes drug, Glumetza, the Wall Street Journal writes. But on the books, it attributed the additional revenue to 106 unrelated products, the SEC said.

The company, which became a poster child for raising drug prices, also helped establish, fund, and subsidize Philidor — a mail-order pharmacy that was responsible for a huge portion of Valeant’s growth. 

The SEC is also fining former CEO Michael Pearson $250,000, who must also pay back $450,000 in compensation to the company.