CEO Michael Pearson has been admitted for “severe” pneumonia, an emailed statement from Valeant spokeswoman Laurie Little says.
J. Michael Pearson, 56, was admitted recently and is receiving treatment. “We wish him a speedy recovery and look forward to him returning to work when he is feeling better, ” Little said in the statement. “We will be respecting Mike and his family’s privacy during this time and will provide further details on his condition as appropriate.”
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Pearson illness comes as Valeant Pharmaceuticals Inc. sales have been hurt after scrutiny from Congress and the media led it to end a controversial distribution arrangement with the Philidor mail-order pharmacy.
The Canadian drugmaker had grown rapidly since Pearson joined in 2008 and began buying smaller drug developers, hiking drug prices and then slashing research spending for new drugs. Now it is about to provide a more detailed plan on how it will grow profits in 2016.
Pearson’s hospitalization was first reported by The New York Times.
