Valeant on Verge of Hiring Perrigo’s CEO?
In its search for a new CEO to replace William J. Pearson, who has resigned amid several controversies, Canada-domiciled embattled drugmaker Valeant is said to be finalizing a contract with Joseph C. Papa, chairman and CEO of Ireland-domiciled pharmaceutical producer Perrigo. Neither of the companies – both managed from the US – has been willing to comment on the speculation launched by The Wall Street Journal, which said the appointment could be announced as early as this week.
Valeant is under heavy scrutiny in the US Senate for price gouging. It also is being subjected to a US federal government audit of its accounting and pricing practices, as well more than one Securities and Exchange Commission (SEC) investigation.
Among other things, the SEC is looking into issues at Salix Pharmaceuticals, which was acquired by Valeant for $11 billion in 2015.