LONDON, UK / ACCESSWIRE / June 21, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Valeant Pharmaceuticals International, Inc. (NYSE: VRX), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/'symbol=VRX. The Canadian multinational specialty pharmaceutical Company announced on June 19, 2017, that John Paulson has been elected as Director to the Company's Board. His election to the position as the member of Board is effective as of June 14, 2017. With the addition of John, Valeant's Board expands to 11 members, out of which 10 are independent directors. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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John is one of the leading players in the hedge fund industry and is the President of Paulson & Co., Inc., a New York-based investment firm. His firm is the majority shareholder in Valeant with approximately 5.7% stake as of March 31, 2017. After John, Robert Hale, Partner at hedge fund firm ValueAct, is the second largest shareholder in Valeant and is an existing member of the Company's Board as well.
Commenting on his election to Valeant's Board, John Paulson said:
"The strategic plan to transform Valeant smartly focuses on rebuilding the Company's core franchises in ophthalmology, dermatology, and gastroenterology while simultaneously using the proceeds from the sale of non-core assets and operating cash flow to de-lever the Company. I am fully supportive of the strategy and leadership team at Valeant."
Sharing his views on John joining the Company's Board, Joseph Papa, Valeant's CEO commented:
"With his significant business and financial expertise, John will be a strong addition to the board. His experience will be especially valuable as we continue to execute on our transformational strategy to turn around Valeant."
About John Paulson
John founded the investment management firm Paulson & Co. in 1994. He is the President and Portfolio Manager in the firm. The firm specializes in global mergers, event arbitrage, and credit strategies. Paulson & Co. is based in New York with offices in London and Hong Kong. As of March 01, 2015, Paulson & Co. managed funds of approximately $19.3 billion. Before starting his own firm, John was with Gruss Partners as a General Partner and prior to that he was with Bear Stearns as their Managing Director for mergers and acquisitions.
He graduated summa cum laude in Finance from New York University's College of Business and Public Administration. He also holds a Masters of Business Administration degree from Harvard Business School, which he completed with high distinction, as a Baker Scholar.
John serves on the Board of several iconic institutions including the Board of Trustees of New York University, Board of Trustees of the Central Park Conservancy, the Deans Advisory Board of the Harvard Business School, the Board of the Partnership for New York City, and the Chairman's Circle of the Metropolitan Museum of Art.
John's addition to Valeant's Board comes in the wake of the exit of hedge fund manager Bill Ackman in March 2017. Bill Ackman sold off the entire investment in Valeant's stock which included his personal stake as well as stake owned by his firm Pershing Square Capital Management. John joining the Board of Valeant has boosted the shareholders' confidence in the Company.
The stock soared 6.40% and closed at $13.47 at the close of trade on June 19, 2017.
Last Close Stock Review
Valeant Pharma's share price finished yesterday's trading session at $13.15, sliding 2.38%. A total volume of 15.62 million shares have exchanged hands. The Company's stock price surged 22.67% in the last three months. The stock currently has a market cap of $4.60 billion.
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