Valeant says ex-CEO Pearson remains a significant shareholder

Thu Jul 14, 2016 9:08am EDT
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July 14 (Reuters) - Valeant Pharmaceuticals International Inc said on Thursday its former CEO Michael Pearson remains a significant shareholder of the Canadian drugmaker.

Valeant said Pearson exercised and sold options representing about 4.4 million shares and sold about 411,000 shares of common stock in June and July.

Pearson, who was replaced by Joseph Papa in May, still holds more than 3.5 million shares and is required to hold 1 million shares for two years following employment termination. (Reporting by Ankur Banerjee in Bengaluru; Editing by Don Sebastian)