The Quebec-based drug giant provided an advance copy of a statement Michael Pearson is scheduled to deliver today before a U.S. Senate committee investigating drug price hikes.
In the statement, Pearson says under his leadership, Valeant was too aggressive in raising the prices of certain drugs.
Valeant has been under scrutiny amid controversies over soaring drug costs and its relationship with U.S. mail-order pharmacy Philidor.
The company acquired heart drugs from Marathon Pharmaceuticals in 2015 and later hiked the price of Isuprel by around 720 per cent, according to Reuters.
The company announced last month that Pearson was leaving after eight years at the helm.
On Monday, Valeant announced Joseph Papa would take over as CEO.
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