Valeant Pharmaceuticals International, which acquired two Triangle companies last year, saw its stock jump more than 8 percent in mid-day trading Monday after announcing a chief financial officer shuffle.
The company named Paul Herendeen CFO, replacing Robert Rosiello, who remains with the company as a vice president of corporate development. It’s the latest management shuffle for the troubled company, which has faced Senate hearings questioning its pricing practices and greater regulatory scrutiny.
Salix, one of the Triangle firms it acquired, has faced questions itself about its inventory practices and local execs of Sprout, the Triangle startup it bought, have said Valeant dropped the ball on boosting sales of its product.
Last year, Valeant acquired Raleigh-based Salix Pharmaceuticals and startup Sprout Pharmaceuticals. Valeant paid some $1 billion for Sprout, which won FDA approval for a female libido-enhancing drug known as Addyi.
Sprout CEO Cindy Whitehead left Valeant in December. She and other investors in Sprout say Valeant is not doing enough to promote sales of Addyi and cite high costs as a reason for a lack of sales.
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The Canadian company replaced CEO Michael Pearson with Jo0seph Papa, formerly Perrigo CEO and said its PR chief would be leaving earlier this year. It also announced a new general counsel.
Valeant (NYSE:VRX) stock was selling at $31.04, up $2.30, mid-day Monday.
