UPDATE 1-Valeant to name four new directors as soon as Friday -WSJ

Wed Apr 27, 2016 9:38pm EDT
 
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(Adds background on reported board changes)

April 27 (Reuters) - Drugmaker Valeant Pharmaceuticals International Inc is expected to name four new directors as soon as Friday, the Wall Street Journal reported.

Five of its long-standing directors, including activist firm ValueAct's Mason Morfit, have agreed to step down to make room for the new nominees, the Journal reported, citing people familiar with the matter. (on.wsj.com/1rjdY27)

The names of the new directors could not be learned, but they draw heavily from traditional pharmaceutical companies, the newspaper said citing the people.

Valeant chairman Robert Ingram is also considering leaving, the report said, citing a source.

New Chief Executive Joseph Papa, former Perrigo Co Plc head, will join the board and take on the role of chairman, the report said.

The drugmaker on Monday said Papa, a drug-industry veteran, would replace Michael Pearson as its CEO.

Valeant was not available to comment outside of regular U.S. business hours.

Separately, activist investor William Ackman, speaking before a U.S. Senate special committee, promised lawmakers that he will urge the board of Valeant to reduce the high prices of four life-saving drugs that are now at the heart of two congressional probes. (Reporting by Subrat Patnaik in Bengaluru; Editing by Andrew Hay)