Former Perrigo Co Plc head Joseph Papa, 60, was named Chief Executive Officer of Valeant Pharmaceuticals International Monday, April 25, reports Reuters.
Papa will replace CEO Michael Pearson. According to Reuters, years of frenzied deal-making by Pearson fueled double-digit profit increases at Valeant until scrutiny of its controversial relationship with a specialty pharmacy and history of sharp drug price increases hit its shares and sales last fall.
Papa was with Perrigo approximately 10 years and held previous positions at drug distributor Cardinal Health, generic drugmaker Watson Pharmaceuticals (now Allergan Inc.) and Novartis AG.