OMAHA, Neb. – Investor Warren Buffett says Valeant Pharmaceuticals’ practices were flawed, so he declined to invest Berkshire Hathaway’s money in the company.
Buffett appeared on CNBC Monday after meeting with Berkshire Hathaway shareholders over the weekend.
Buffett says some Valeant shareholders urged him to look at investing in Valeant in recent years, but he decided not to after examining the company.
Valeant is dealing with intense scrutiny of its business practices, a huge drop in stock price and insurers are demanding discounts from its drug prices.
Current and former Valeant officials were grilled by Congress last week over the company’s strategy of buying up older medicines with limited competition and then jacking up their prices many times above prior levels.