October 8

Valeant Pharmaceuticals International Inc names Joseph Papa as new chief executive

LAVAL, Que. — Embattled drug company Valeant Pharmaceuticals International Inc. has named Joseph Papa as its new chairman and chief executive.The company says Papa, who was chairman and CEO of drug company Perrigo in the U.S., is expected to join Valeant early next month.Papa, 60, had been CEO of Perrigo since 2006 and chairman since 2007.He resigned on Sunday.Valeant announced last month that chief executive Michael Pearson was leaving after eight years with the company.Once one of Canada’s most valuable companies following years of acquisitions, Valeant has seen its shares plunge amid controversies over drug prices and its relationship with U.S. mail-order pharmacy Philidor.Valeant said earlier this year that it had to restate its financial results for 2014 and 2015 after discovering that about US$58 million of sales were recognized at the wrong time.It hopes to submit its restated financial statements for 2015 to regulators by Friday.Valeant shares were up 2.70 per cent at $46.80 on the TSX in morning trade.More to come …

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Posted October 8, 2019 by admin in category "hoyebdaj

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