Shares of Valeant Pharmaceuticals fell nearly 10% in early trading Tuesday, after hedge fund manager Bill Ackman announced Monday that he was exiting his investment in the firm.

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Data:; Chart: Andrew Witherspoon / Axios

Valeant was once a darling of Wall Street, after investors bought CEO Michael Pearson's pitch that Valeant would bring efficiencies to the pharmaceutical research and development process that would deliver big returns to investors. It turned out that whatever success Valeant had was based on price gouging, supported in part by a shady relationship with online pharmacy Philidor.

Why it matters: Bill Ackman lost his investors roughly $3 billion over the course his multi-year investment, the story of which underscores the the opportunity for the pharmaceutical industry to engage in unethical behavior as it attempts to profit from a captive base of consumers.

Go deeper

Amy Harder, author of Generate
3 hours ago - Energy & Environment

Climate change goes mainstream in presidential debate

Photo illustration: Aïda Amer/Axios. Photo: Olivier Douliery-Pool/Getty

The most notable part of Thursday’s presidential debate on climate change was the fact it was included as a topic and assumed as a fact.

The big picture: This is the first time in U.S. presidential history that climate change was a featured issue at a debate. It signals how the problem has become part of the fabric of our society. More extreme weather, like the wildfires ravaging Colorado, is pushing the topic to the front-burner.

Finally, a real debate

Photo: Morry Gash/AP

A more disciplined President Trump held back from the rowdy interruptions at tonight's debate in Nashville, while making some assertions so outlandish that Joe Biden chuckled and even closed his eyes. A Trump campaign adviser told Axios: "He finally listened." 

The result: A real debate.

Biden to Trump: "I have not taken a penny from any foreign source ever in my life"

Former VP Joe Biden pushed back Thursday against allegations from President Trump, saying he had never profited from foreign sources. "Nothing was unethical," Biden told debate moderator Kristen Welker about his son Hunter's work in Ukraine while he was vice president.

Why it matters: Earlier on Thursday, Hunter Biden's former business partner, Tony Bobulinski, released a statement saying Joe Biden's claims that he never discussed overseas business dealings with his son were "false."

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