Wall Street bulls love Valeant Pharmaceuticals’ lean business model, but there are side effects they aren’t aware of that might give them pause. According to several current and former employees, Valeant’s zeal for cost-cutting risked harming its relationship with the Food and Drug Administration and hurt its competitive position with the development of an important drug. Formed through an aggressive series of mergers, Valeant rose from obscurity to become one of the largest pharmaceutical companies in the world with a market capitalization of $41 billion.
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