Valeant's interim CEO says the company will put price hikes on hold

Valeant Pharmaceuticals' new interim CEO Howard Schiller isn't staying the course while J. Michael Pearson is hospitalized.

In interview with the Financial Times' David Crow, Schiller, a former Valeant CFO, said the company will steer clear of price increases for the foreseeable future.

Valeant's practice of buying off-patent drugs and drastically increasing the price came under fire shortly after Democratic presidential candidate Hillary Clinton tweeted her disdain for price gouging.

Valeant named Schiller interim CEO Wednesday after Pearson fell ill with severe pneumonia.

Schiller also told Crow that Valeant's deals hiatus could last longer than a year, contingent upon getting to a "comfortable place on debt."

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