Former Valeant Pharmaceuticals executive Gary Tanner and former Philidor Rx Services CEO Andrew Davenport were each sentenced to a year in prison and ordered to pay restitution for perpetrating a kickback scheme, CNBC reports.
Here's what you should know:
1. Mr. Tanner and Mr. Davenport were ordered to pay $9.7 million, the approximate value of the kickbacks.
2. Valeant and Philidor had a working partnership. Mr. Tanner was responsible for managing Valeant's relationship with the mail-order pharmacy. He funneled business to Philidor to increase sales and push Valeant products.
3. Valeant acquired the option to buy Philidor in 2014, purportedly to boost sales.
4. The kickback allegations caused Valeant's stock to tumble and contributed to the company's massive debt.
5. Valeant overhauled its management in May 2016, bringing current CEO Joseph Papa onboard. Mr. Papa rebranded the company, now known as Bausch Health.