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Valeant eyes name change in reputation fix: CEO

May 2, 2017

Valeant is ready to move on from “Valeant.”

Chief Executive Officer Joe Papa said that Valeant Pharmaceuticals International Inc. is considering a name change after a two-year stretch that has seen the company lose more than 95 percent of its value amid harsh criticism of its business practices and future prospects.

“We have thought about our name,” Papa said at the company’s annual meeting Tuesday in Laval, Quebec. “We are looking at the alternatives.” He cited the bad publicity the company has experienced as a consideration.

No final decision had been made but the company was “very serious” in considering the idea, Papa said.

The drugmaker’s shares rose Tuesday as the company said it was making progress in paying down some of its about $30 billion in debt. Papa said the goal is to get that figure down to $15 billion to $20 billion.

The shares were up 6.6 percent to $10.30 at 9:52 a.m. in New York, after earlier rising as much as 8.6 percent for their biggest gain intraday since Jan. 10.

https://bloom.bg/2p1FPlZ

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