Embattled Valeant Pharmaceuticals International Inc said on Wednesday it’s added a representative from shareholder Pershing Square Capital Management to the board of directors in addition to two other new directors.
Pershing Square, run by activist investor Bill Ackman, purchased a stake in Valeant last year once the drugmaker’s shares were increasing. They’ve fallen 68 percent since.
Last fall, the business had become the target of two U.S. state investigations into its drug pricing practices, that’s relationship with Philidor RX Services, a pharmacy selling its dermatology products, received scrutiny and was dissolved.
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In the final a fortnight, the organization delayed its annual financial filing with regulators, postponed an initial earnings announcement, Ceo Michael Pearson returned from the two-month medical leave, along with a top dermatology executive left. Additionally, it disclosed an investigation with the U.S. Filing.
Its shares rose 3.7 percent to US$65.50 in premarket trading.
Stephen Fraidin, a skilled Wall Street lawyer who’s vice chairman at Pershing Square, joined the board, Valeant said.
Fred Eshelman, medicines executive who founded Furiex Pharmaceuticals Inc, and Thomas Ross, an academic with ties to Duke University along with the University of North Carolina, also joined the board.
Anders Lonner has stepped down as being a director.
? Thomson Reuters 2016
