IT'S OFFICIAL: Valeant has a new CEO

Valeant has named Joseph Papa as its new CEO and chairman, according to Bloomberg.

Papa comes to the embattled drugmaker from Perrigo, a competitor. Reuters earlier reported that Perrigo waived a noncompete restriction in Papa’s contract that would have prevented him from joining the drugmaker.

Valeant announced in March that former CEO Michael Pearson was stepping down right after the company failed to file its annual report on time.

More to come …

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