Embattled drug company Valeant Pharmaceuticals International Inc, whose stock price has tumbled 38 percent this year, will appoint three new board members as soon as Wednesday, people familiar with the matter said on Tuesday.
The drug maker will award one of the seats to Pershing Square Capital Management, one of its biggest investors, two people familiar with the matter said.
Stephen Fraidin, a veteran Wall Street lawyer who is vice chairman at William Ackman’s Pershing Square, is expected to join Valeant’s 12-member board, the sources said.
