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Philidor 2.0 business model

Monday, November 30, 2015 14:03

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In my list of Valeant-associated pharmacies I included one called Forsta LLC.

The company Forsta, LLC was established in Delaware on 25 June 2015.

The above does not tell you who the owner is or was.

However Forsta LLC only recently applied for a pharmacy license in Arizona. The owner of Forsta – a Gary Tanner – and the proposed pharmacist in charge – a Jacob Power – turned up in front of the local pharmacy board and the proceedings were video taped. You can see the original here. They make their brief appearance about an hour into the first sitting. The date was 18 November.

I would love to say I found this but I did not. An anonymous poster on Cafe Pharma found it. However the extract – repeated below – is a gem:

The Arizona hearing also makes clear who owns Forsta as per this document.

Gary Tanner is one of the more interesting people in this whole Philidor/Valeant mess. He was – according to several articles and a few conversations – the Valeant employee who effectively ran Philidor day-to-day. Various Congress members want to interview him.

Valeant’s second quarter presentation made a thing about the key executives they had retained from acquisitions. Gary Tanner was mentioned by name.

Tanner was clearly a Valeant employee when Forsta LLC was formed. Mike Pearson boasted about having retained him.

And now he is opening a pharmacy with ex Philidor people selling branded dermatology products (just like Philidor) without compounding in a very strange business set-up in Arizona.

This looks like Philidor Mark 2.

But Tanner is – as far as I can tell – no longer a Valeant employee.

So I have a single question for management.

Is this yet another specialty pharmacy – outsourced – through which you intend to run your business just like you ran it at Philidor?

John

Source: http://brontecapital.blogspot.com/2015/12/philidor-20-business-model.html

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