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Valeant Pharmaceuticals to file for bankruptcy

Valeant Inc. (VALE) is filing for Chapter 11 bankruptcy protection, the company announced Monday.

The company has already filed for bankruptcy protection twice in the past five years, including last December when it filed for Chapter 9.

The filing came after Valeant reported $2.4 billion in net income for the quarter ended June 30.

Valeant said the filing for bankruptcy would provide a safe haven for the company’s stockholders, which are likely to receive an initial $2 billion payment in cash and cash equivalents.

The filing also gives the company the option to sell off its remaining stockholders in the event it goes under, if needed.

Valleant is the latest drugmaker to announce it is seeking bankruptcy protection.

Last month, Bristol-Myers Squibb NV (BMY) filed for chapter 11 protection after a prolonged financial crisis.

In February, Johnson & Johnson (JNJ) filed a similar bankruptcy petition.

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