Report: Valeant finalizing contract with Perrigo’s CEO

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FILE - In this March 15, 2016 file photo, a trading post on the floor of the New York Stock Exchange displays the Valeant Pharmaceuticals logo. The Wall Street Journal reported Thursday, April 21, 2016, that Valeant is finalizing a contract with Perrigo Chairman and CEO Joseph C. Papa and could announced the hire as early as next week. Perrigo said Friday that it would not comment on “speculation or market rumor.” (AP Photo/Richard Drew)

NEW YORK, N.Y. – The over-the-counter drugmaker Perrigo says it’s aware of media reports that its CEO will take the top job at troubled Valeant Pharmaceuticals, but it won’t confirm those reports.

The Wall Street Journal reported Thursday that Quebec-based Valeant is finalizing a contract with Perrigo chairman and CEO Joseph C. Papa and could announced the hire as early as next week.

Perrigo said Friday that it would not comment on “speculation or market rumour.”

Valeant is under heavy scrutiny in the U.S. for its strategy of buying small drugmakers, then raising prices sharply on older, off-patent drugs.

In March, Valeant said it would replace CEO Michael Pearson after billions evaporated from the company’s worth.

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