UPDATE 2-Valeant in talks to hire Perrigo's Papa as CEO -source

Fri Apr 22, 2016 9:03am EDT
 
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(Adds Perrigo statement, stock move)

By Carl O'Donnell

April 22 (Reuters) - Drugmaker Valeant Pharmaceuticals International Inc is seeking to appoint Joseph Papa, Perrigo Co Plc's 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.   Continued...