Drugmaker Valeant Faces Debt Default Risk, Shares Plunge 50 Percent

Valeant Pharmaceuticals International Inc’s (VRX.TO) shares plunged 50 percent on Tuesday after the company said a delay in filing its annual report put it in danger of a default on its $30 billion in debt. For years, Valeant was an investor darling, buying up assets and delivering double-digit profit growth. It bought companies and raised prices on their drugs, a strategy that has collapsed under scrutiny of high drug spending.