Episode Details

In this episode, we dive into the turbulent history of Bausch Health, the Canadian pharmaceutical giant formerly known as Valeant. We trace the company’s evolution from its founding in a Pasadena garage by Milan Panić to the aggressive era of CEO J. Michael Pearson, who turned the company into a platform for buying rivals—like Bausch & Lomb and Salix—and drastically hiking drug prices.

We break down the scandals that caused the stock to plummet over 90%, including the notorious price increases on heart medications (up to 525%) and the exposure of the secret "phantom pharmacy," Philidor, which led short sellers to label the company the "Pharmaceutical Enron". Finally, we explore the cleanup efforts under Joseph Papa, the 2018 rebrand to Bausch Health, and the company’s recent settlements and product launches.