Drugmaker Valeant CEO leaving as investor Ackman joins board
Reuters, 21 March 2016
Drugmaker Valeant Pharmaceuticals International Inc (>> Valeant Pharmaceuticals Intl Inc) (>> Valeant Pharmaceuticals Intl Inc) said on Monday its chief executive officer is leaving and billionaire investor William Ackman would join the board as it tries to clean up accounting problems and save its business.
(Reuters) – Drugmaker Valeant Pharmaceuticals International Inc (>> Valeant Pharmaceuticals Intl Inc) (>> Valeant Pharmaceuticals Intl Inc) said on Monday its chief executive officer is leaving and billionaire investor William Ackman would join the board as it tries to clean up accounting problems and save its business.
The Canadian company, whose operations include prescription drugs, consumer products, and Bausch & Lomb eye care, has lost nearly 90 percent of its value as it came under public scrutiny for its pricing and distribution practices, including investigations by Congress and various government agencies.
