Valeant Pharmaceuticals International Inc. was too aggressive in raising prices,outgoing Chief Executive Officer Mike Pearson will tell U.S.senators on Wednesday at a committee hearing to examine the cost ofprescription drugs.

“It was a mistake to pursue, and in hindsight I regret pursuing,transactions where a central premise was a planned increase in theprices of the medicines,” Pearson said in prepared testimony for aSenate Special Committee on Aging hearing to be held Wednesday.“The company was too aggressive –- and I, as its leader, was tooaggressive –- in pursuing price increases on certaindrugs.”

Wednesday’s hearing is the latest in a series by the committeeprobing the price of prescription drugs in the U.S. and the actionsby drugmakers. Along with Pearson, the panel will hearfrom former Chief Financial Officer Howard Schiller and BillAckman, the investor whose Pershing Square Capital Management LP isone of Valeant’s biggest holders. Pershing has two seats onValeant’s board, and Ackman has been among the company’s biggestdefenders.