March 9, 2016 / 1:20 PM / a year ago

BUZZ-Valeant Pharmaceuticals: Appoints three new board members

** Canadian drugmaker's U.S.-listed shares up 5 pct at $66.01 premarket

** Company gives shareholder Pershing Square Capital Management a seat on its board and adds two additional directors

** Stephen Fraidin, veteran Wall Street lawyer who is vice chairman at William Ackman's Pershing Square, will join board along with Fred Eshelman and Thomas Ross

** Company under scrutiny for its accounting and business practices

** Ackman on Tuesday called embattled drug company a "very valuable asset" but said if situation does not stabilize soon new management will be brought in or company will be sold

** Up to Tuesday's close, stock had fallen 38 pct this year

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