As reversals of fortune go, Valeant Pharmaceuticals’ would be hard to beat.
The drug maker became a Wall Street darling by purchasing products and then jacking up prices to new heights. Bankers collected fees on deals, investors profited on a soaring stock price, and Valeant successfully held itself out as a new industry growth model by pooh-poohing investments in research and development.
Now, though, the Valeant bubble — and it was a bubble — has popped.
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