Report: Valeant finalizing contract with Perrigo's CEO

NEW YORK, N.Y. – The over-the-counter drugmaker Perrigo says it’s aware of media reports that its CEO will take the top job at troubled Valeant Pharmaceuticals, but it won’t confirm those reports.

The Wall Street Journal reported Thursday that Valeant is finalizing a contract with Perrigo Chairman and CEO Joseph C. Papa and could announced the hire as early as next week.

Perrigo said Friday that it would not comment on “speculation or market rumour.”

Valeant is under heavy scrutiny in the U.S. for its strategy of buying small drugmakers, then raising prices sharply on older, off-patent drugs.

In March, Valeant said it would replace CEO Michael Pearson after billions evaporated from the company’s worth.