Perrigo's Papa: Bridge Over Valeant's Troubled Waters Or Shark Bait?
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?
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After Papa's exit from Perrigo, the company is left to pick up the pieces and is not as strong a business as investors had previously thought.
Valeant Pharmaceuticals International Inc.'s board on April 11 took an unusual move in declaring it had asked the company's soon-to-be-exiting CEO Michael Pearson to cooperate with the US Senate Committee on Aging's subpoena for a deposition.
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.