Valeant said on Monday that John Paulson, the billionaire hedge fund manager, will be joining its board, sending shares in the struggling drugmaker climbing.
Joseph Papa, Valeant’s chief executive, said Mr Paulson’s experience would be “especially valuable as we continue to execute on our transformational strategy to turnaround Valeant”.
Valeant has seen its shares tumble from about $101 at the start of last year, to $12.66 on Friday, as the company has been caught-up in multiple high-profile government probes.
Mr Paulson’s move into Valeant’s board also comes just months after fellow hedge fund manager Bill Ackman sold the last of his stake in the drugmaker that cost him and his funds close to $4bn. Mr Paulson’s eponymous firm is Valeant’s biggest shareholder, according to Bloomberg data.
Valeant shares jumped 5.9 per cent in pre-market trading.