- His tussle with pneumonia behind him, J. Michael Pearson returns to Valeant Pharmaceuticals (VRX) as CEO. Interim chief Howard Schiller will transition out but will continue to serve as a member of the board of directors.
- The company has separated the roles of Chairman and CEO with Robert Ingram assuming the role of Chairman.
- Tomorrow morning's (unaudited) earnings call will be reschedule. Guidance withdrawn.
- Separately, the company has received notice that Actavis has filed an abbreviated New Drug Application (ANDA) seeking clearance of a generic version of Salix Pharmaceuticals' Xifaxan (rifaximin) 550 mg tablets. It intends to vigorously defend its IP rights.
- Valeant completed its $11B takeover of Salix in March 2015.
- Update: VRX down 8% premarket on increased volume.