Valeant: Seeking Disaster Expert To Run A Hot Mess
This article was originally published in Scrip
It's the stuff Shakespearian plays, or lately, serial television dramas, otherwise known as "soap operas," are made of – accusations of greed, government investigations and a few knives to the back, with high-drama narratives arising and weaving their way through the ongoing storyline that is Valeant Pharmaceuticals International Inc.
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Trying to get out from under the shadow of ongoing investigations into its pricing and questionable business practices, which have led to its shares diving 90% in the past year, Valeant Pharmaceuticals International Inc. laid out its strategy for becoming a "new" company. But one analyst questioned whether the changes being made were simply "new paint on the same old shed."
Valeant experienced more humiliation last week, with Sequoia Fund completely exiting its position, the former CEO dumping about 5 million shares and the FDA raising suicide concerns with brodalumab, likely limiting its market potential.
Valeant Pharmaceuticals International Inc. hired Perrigo Co. PLC's Chairman and Chief Executive Joseph Papa to replace CEO Michael Pearson, but will Papa bridge the gaps between Valeant and its shareholders, debtors and the politicians who are demanding information about the company's drug pricing policies? Or, like Pearson, will he be bitten by the sharks in Valeant's troubled waters?