joeseph papa valeant

Christinne Muschi/Reuters

Valeant Pharmaceuticals CEO Joseph Papa.

The embattled drugmaker Valeant Pharmaceuticals is reportedly hiring a new chief executive officer from an animal-health company.

Valeant is expected to announce its hire of Paul Herendeen, who is currently CFO at Zoetis, on Monday, The Wall Street Journal’s Vipal Monga reports.

He will replace Robert Rosiello, who took over that role from Howard Schiller in July of last year.

Valeant hired a new general counsel and made changes to its executive committee earlier this month.

The mutual fund T. Rowe Price last week filed a lawsuit against Valeant, alleging that its practices surrounding the mail-order pharmacy were fraudulent. 

Valeant is also under criminal investigation related to its relationship with Philidor.

Bill Ackman, who is an activist investor in Valeant, also invested in Zoetis in 2014.

Read the full story in The Wall Street Journal >

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