Valeant names new chief executive

April 25, 2016

Embattled Canadian pharmaceutical company Valeant named as its new chief executive and chairman on Monday Joseph Papa, who has left his post leading Perrigo, a maker of over-the-counter medical products.

Papa, 60, will succeed outgoing Valeant CEO Michael Pearson as the company faces criticism over its accounting and drug-pricing policies.

Last month, Valeant Pharmaceuticals International announced Pearson would step down once a successor was identified.

"The Board has conducted a thorough search process and believes that Joe is the ideal leader for Valeant at this time," said Valeant chairman Robert Ingram in a statement.

Ingram praised Papa's , deep experience in the global pharma business and said he was known for "fostering an ethical culture."

Perrigo announced separately that it had promoted president John Hendrickson to chief executive in light of Papa's departure.

Shares of Perrigo slumped 11.2 percent to $107.81 in opening trade, while Valeant rose 2.3 percent to $36.86.

Explore further: Valeant CEO takes medical leave

Related Stories

Valeant CEO takes medical leave

December 28, 2015
Valeant Pharmaceuticals CEO J. Michael Pearson is taking a medical leave of absence after he was hospitalized with pneumonia last week.

Valeant under US federal investigation over drug pricing

October 15, 2015
Canadian pharmaceutical group Valeant says it has received subpoenas from US federal prosecutors seeking information about the pricing and distribution of its drugs, along with how it makes them more affordable for patients.

Valeant mulls sale of business tied to drug price hikes

October 19, 2015
Controversial pharma company Valeant signaled Monday it expects to dispose of a business associated with large drug price increases and foresees much more modest price hikes in the future.

Mylan takes takeover bid to Perrigo shareholders

September 8, 2015
Pharmaceutical company Mylan said Tuesday that it would take its offer to buy Perrigo directly to Perrigo shareholders following refusals by the company's management to engage in merger talks.

Valeant shares plunge 49% on default warning, outlook

March 15, 2016
Canadian drugmaker Valeant's share price plunged nearly 50 percent Tuesday after it warned it was at risk of a debt default and slashed its earnings forecast.

Allergan tells shareholders to reject Valeant deal

June 23, 2014
Allergan, the maker of Botox, said Monday that Valeant Pharmaceuticals' hostile takeover bid for the company is "grossly inadequate" and that shareholders should reject it.

Recommended for you

Best of Last Year—The top Medical Xpress articles of 2017

December 20, 2017
It was a good year for medical research as a team at the German center for Neurodegenerative Diseases, Magdeburg, found that dancing can reverse the signs of aging in the brain. Any exercise helps, the team found, but dancing ...

Pickled in 'cognac', Chopin's heart gives up its secrets

November 26, 2017
The heart of Frederic Chopin, among the world's most cherished musical virtuosos, may finally have given up the cause of his untimely death.

Sugar industry withheld evidence of sucrose's health effects nearly 50 years ago

November 21, 2017
A U.S. sugar industry trade group appears to have pulled the plug on a study that was producing animal evidence linking sucrose to disease nearly 50 years ago, researchers argue in a paper publishing on November 21 in the ...

Female researchers pay more attention to sex and gender in medicine

November 7, 2017
When women participate in a medical research paper, that research is more likely to take into account the differences between the way men and women react to diseases and treatments, according to a new study by Stanford researchers.

Drug therapy from lethal bacteria could reduce kidney transplant rejection

August 3, 2017
An experimental treatment derived from a potentially deadly microorganism may provide lifesaving help for kidney transplant patients, according to an international study led by investigators at Cedars-Sinai.

Exploring the potential of human echolocation

June 25, 2017
People who are visually impaired will often use a cane to feel out their surroundings. With training and practice, people can learn to use the pitch, loudness and timbre of echoes from the cane or other sounds to navigate ...

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.