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Valeant (VRX) May Seek Name Change to Clean Up Its Image



11/11/2016 7:21:37 AM

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Valeant Pharmaceuticals International, the drugmaker that became a poster child for high drug prices during the U.S. election season, may change its name to help boost its reputation, board member and top investor William Ackman told CNBC on Wednesday.

A name change would be the latest effort by the company to break from its past, after hiring a new chief executive, overhauling the board and exploring billions of dollars in asset sales to pay down a $30 billion debt load.

Valeant's stock has declined more than 90 percent in the past year, erasing nearly $90 billion in market capitalization, over disclosures that it secretly worked with a specialty pharmacy to boost sales of its medicines.

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