March 21, 2016 / 1:43 PM / in 2 years

BUZZ-Valeant Pharmaceuticals: CEO Pearson to step down

** Canadian drugmaker’s U.S. shares up 5 pct at $28.20

** Says CEO Michael Pearson to step down, appoints activist investor William Ackman to board

** Says started a search for a successor to Pearson

** Ackman, whose firm Pershing Square has a 9 pct stake in Valeant, will join Pershing Square’s Vice Chairman, Stephen Fraidin, on the board

** “We are committed to filing the 10-K on or before April 29, 2016,” Pearson said

** Up to Friday’s close, stock had fallen 23 pct this year

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