Valeant said in March that Pearson would leave the drugmaker once a replacement was found, part of a broader overhaul that included adding activist investor Bill Ackman to its board. Valeant declined to comment.
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The Wall Street Journal reported Thursday that Valeant is finalizing a contract with Perrigo chairman and CEO Joseph C. Papa and could announced the hire as early as next week.
But the appointment has met resistance by Perrigo’s board, which hasn’t said whether it would allow Papa to void a noncompete clause in his contract, the Journal reports. The notices of default do not result in the acceleration of any of the Company’s indebtedness. The stock closed up $3.10 or 7.3 per cent at $45.57 Friday on the Toronto Stock Exchange, although that remained a far cry from its peak closing price of $346.32 set last August. Guggenheim restated a “buy” rating and issued a $195.00 target price on shares of Valeant Pharmaceuticals Intl in a report on Saturday, February 13th.
Papa a year ago vigorously defended Perrigo against a hostile takeover offer from Mylan NV, saying that the offer undervalued the company. World Asset Management Inc now owns 18,091 shares of the specialty pharmaceutical company’s stock valued at $1,839,000 after buying an additional 417 shares during the period. Perrigo sells over-the-counter and prescription medicines, as well as other products such as infant formula. Suntrust Banks Inc. now owns 30,718 shares of the specialty pharmaceutical company’s stock worth $3,122,000 after buying an additional 21,625 shares in the last quarter.
If Papa’s appointment at Valeant goes through, he would be tasked with navigating the drugmaker through several challenges. Valeant, which said that it’s still on track to file the statements on or before April 29, must do so before a May 27 deadline, after which lenders could demand repayment.
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So how does this current Valeant Pharmaceuticals share price level stack up against the past year’s highs and lows?
