Valeant's largest shareholder John Paulson joins board


Reuters

UPDATE 1-Valeant's largest shareholder John Paulson joins board


(Adds details, shares)
    June 19 (Reuters) - Activist investor and hedge fund manager
John Paulson has joined Valeant Pharmaceuticals International
Inc's <VRX.TO> <VRX.N> board, a move that comes at a time when
the embattled Canadian drugmaker is restructuring itself to
repay debt.
    Valeant's U.S.-listed shares were up 5.9 percent at $13.40
in premarket trading on Monday.
    Paulson's hedge fund Paulson & Co had a 5.68 percent stake
in Valeant as of March 31, making it the largest shareholder in
the company, according to Reuters data.
    Valeant Chief Executive Joseph Papa is working to narrow the
company's focus to its dermatology, gastrointestinal and eye
care businesses by pruning other assets to repay its debt of
nearly $30 billion.
    Paulson's addition increases the size of Valeant's board to
11 members, 10 of whom are independent. [nCNWfJh4va]
    The company has been a fancy of activist investors such as
Pershing Square'sWilliam Ackman, who sold the stake after
spending 18 months trying to repair the company and suffering
more than $3 billion in losses. [nL3N1GT5VD]

 (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by
Saumyadeb Chakrabarty)
 ((yashaswini.swamynathan@thomsonreuters.com; within U.S. +1 646
223 8780, outside U.S. +91 80 6749 2405; Reuters Messaging:
yashaswini.swamynathan.thomsonreuters.com@reuters.net))

Keywords: VALEANT PHARM IN BOARD/ (UPDATE 1)



This article appears in: Politics , World Markets , Stocks
Referenced Symbols: VRX


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