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Valeant severs ties with controversial pharmacy distributor

Valeant also said Philidor had informed it that it would shut down operations as soon as possible. Valeant and Philidor, which has helped to drive sales for the Canadian drugmaker, have come under fire after influential short-seller Citron Research said Philidor was being used to create “phantom accounts” and inflate Valeant’s revenue. Valeant has denied any wrongdoing.

CVS 2016 profit forecast hurt by healthcare plans, Target deal

The drugstore operator’s profit missed analysts’ estimates for the first time in six quarters, as its $10-billion Omnicare acquisition failed to offset pressure from lower reimbursement rates and new low-margin generic drugs. The weak forecast from CVS, the No.2 U.S. drugstore chain by store count, comes in the same week that larger rival Walgreens Boots Alliance Inc (WBA.O) said it would buy No.3 Rite Aid Corp (RAD.N) for $9.4 billion.

Hip-hop's Akon to debut new albums on his own 'Stadium' app

LOS ANGELES (AP) — Akon, a hip-hop star who’s collaborated with everyone from Eminem to Andy Samberg, is about to release his first albums in seven years — but you won’t find them in stores or on streaming services like Spotify. Instead, he plans to release four albums through a new app, making him the latest artist to experiment with bypassing big record labels and traditional music distribution altogether.