Wanting to break away from its past image, Valeant has hired a new CEO, has revamped its board of directors, and is looking forward to settling its debt.
William Ackman told CNBC that Valeant Pharmaceuticals International Plc, is likely to change its name in order to distance itself from the poster child of high drug prices, which it acquired during the U.S. election season.
This is one of the many efforts that the company is resorting to, in order to make a clean break from its past. It has overhauled its board, hired a new CEO and is exploring the sales of its assets in order to pay a $30 billion debt.
In the last one year, the company’s stock has crumbled and has shed more than 90% of its value, and in the process wiping off $90 billion in market capitalization. Disclosures that it secretly worked with a specialty pharmacy in order to boost the sales of its medicines have subjected the company to prosecution by the state as well as several federal agencies.
“Former Valeant (Chief Executive) Michael Pearson went crazy in my opinion,” said Ackman during his interview with CNBC.
According to sources familiar with the matter at hand, a number of well known names are doing the rounds for the takeover of Valeant’s largest brand, Bausch & Lomb.
Sources preferred not to be named since they were not authorized to speak to the media.
As per the sources, the decision for a name change has not yet been finalized.
Valeant is also exploring the sales of its Salix business, according to media reports, which could fetch nearly $10 billion.
This would leave Bausch & Lomb as the largest single business in the company.
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