Trending News Today: Pharmaceutical Manufacturer to Consider Lowering Drug Costs

William Ackman, an activist investor, has promised US lawmakers that he will attempt to drive Valeant Pharmaceuticals to reduce the prices of 4 of their life-saving drugs, reported The New York Times. These drugs are now under congressional investigation. Ackman told the Senate Special Committee on Aging that the pharmaceutical company will be holding a conference call today to discuss the cost of their products. The 4 drugs in concern are heart medications Isuprel, Nitropress, Cuprimine, and Syprine, and 2 drugs used to treat a genetic disorder that causes copper build up in the organs.

Pfizer Inc will pay almost $785 million to resolve allegations filed by 2 whistleblowers, reported The New York Times. The allegations stated that the pharmaceutical company did not offer Medicaid the same discounts that were provided to private purchasers for a heartburn treatment. The tentative deal to resolve the allegations was first announced in February and the final approval was announced by the US attorney’s office in Boston on Wednesday.

Sanofi has offered $9.3 billion to buy Medivation after the cancer drug firm rejected its approaches. According to The New York Times, Sanofi made this decision to return to the biotech market and to obtain new cancer treatments to help offset their declining sales of the diabetes drug Lantus.