It’s not uncommon for businesses that have hit tough times to undergo a rebrand–and embattled Valeant is thinking about undergoing one of its own.
The company could change its name to help repair its reputation, Valeant boardmember and activist investor Bill Ackman told CNBC Wednesday. One option? Taking on the name of its top business, eyecare giant Bausch & Lomb, the news service’s sources said. Several other names are on the table, though, and the company hasn’t made a final decision on whether it’ll go through with the moniker swap.
Valeant’s reputation could certainly use a boost after the last year-plus, over which it’s faced political pricing pushback and channel-stuffing allegations. The company has already made moves to break with its past, bringing in new CEO Joseph Papa to replace M&A-happy J. Michael Pearson–and, of course, bringing Ackman on board.
But with several investigations into the company underway–and reports saying U.S. prosecutors are building a fraud case against Valeant–the Canadian drugmaker hasn’t been able to put as much of its past behind it as it would have liked.
If Valeant does make a name change, it won’t be the first pharma in recent memory to do so. Last year, after Actavis swallowed Allergan–a company it stole away from hostile suitor Valeant–the generics powerhouse decided to take on the name and identity of its brands-focused acquisition. Since then, the combined Allergan has completed a transformation, selling off its Actavis copycat business to Teva in a $40-billion-plus transaction this summer.
By Carly Helfand
Source: Fierce Pharma
Five years ago, GSK made headlines when it hired Emma Walmsley to become the first woman to run a major pharmaceutical company. Now the Big Pharma has brought in another woman to control the company’s finances. Julie Brown will be GSK’s next chief financial officer. Brown, currently the chief operating and financial officer at fashion and beauty brand Burberry Group, is set to replace Iain Mackay.
Moderna created a new role responsible for “building out the company’s organization to support its growing pipeline.” Starting first thing 2023, Juan Andres, Moderna’s manufacturing head, will step into this new role under the title president of strategic partnerships and enterprise expansion, the company said Thursday.
The latest takeover is anticipated to boost the presence of Torrent in the dermatology segment. Indian company Torrent Pharmaceuticals has signed a definitive agreement for the complete acquisition of Curatio Healthcare for $245.16m (Rs20bn).