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Valeant Pharmaceuticals International Inc. was too aggressive in raising prices, outgoing Chief Executive Officer Mike Pearson will tell U.S. senators on Wednesday at a committee hearing to examine the cost of prescription drugs.

“It was a mistake to pursue, and in hindsight I regret pursuing, transactions where a central premise was a planned increase in the prices of the medicines,” Pearson said in prepared testimony for a Senate Special Committee on Aging hearing to be held Wednesday. “The company was too aggressive –- and I, as its leader, was too aggressive –- in pursuing price increases on certain drugs.”

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