Valeant in talks to hire Perrigo's Papa as CEO: source

Fri Apr 22, 2016 9:06am EDT
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By Carl O'Donnell

(Reuters) - Drugmaker Valeant Pharmaceuticals International Inc (VRX.TO: Quote) is seeking to appoint Joseph Papa, Perrigo Co Plc's (PRGO.N: Quote) boss, as its new chief executive, a source familiar with the matter said.

The Canadian drugmaker is negotiating a contract with the Papa and it aims to announce his appointment as soon as next week, the source told Reuters on Thursday.

However, Perrigo's board has not said whether it would allow Papa to void a non-compete clause in his contract, the source said.

Valeant declined to comment on what it called "rumors."

Ireland-based Perrigo issued a press release on Friday morning saying it does not comment on "speculation or market rumor."

Valeant shares rose 6 percent to $35.40 in pre-market New York trading from a close of $33.33.

The Wall Street Journal reported on Thursday that Valeant was looking to name Papa as its next CEO.

Valeant said in March CEO Michael Pearson was leaving the company, just three weeks after returning from a two-month medical leave. The company said at that time Pearson would remain in his post until it finds his successor.   Continued...

The headquarters of Valeant Pharmaceuticals International Inc., seen in Laval, Quebec November 9 2015.  REUTERS/Christinne Muschi