Valeant names Papa CEO after he resigns from Perrigo

Valeant Pharmaceuticals (VRX) Buy Rating Reiterated at Rodman & Renshaw

Rodman & Renshaw reiterated a Buy rating on Valeant Pharmaceuticals (NYSE: VRX) with a price target of $105. Comments follow news Joseph Papa will takeover as Chairman and CEO. Analyst Raghuram Selvaraju called the appointment a "solid choice."

"In our view, Joe Papa is a solid choice given his lengthy track record in the pharmaceutical industry, substantial experience managing diversified businesses and... More

Stifel Downgrades Perrigo Co. (PRGO) to Hold

Stifel downgraded Perrigo Co. (NYSE: PRGO) from Buy to Hold.

For an analyst ratings summary and ratings history on Perrigo Co. click here. For more ratings news on Perrigo Co. click here.

Shares of Perrigo Co. closed at $99.40 yesterday.

BofA/Merrill Lynch Downgrades Perrigo Co. (PRGO) to Underperform

BofA/Merrill Lynch downgraded Perrigo Co. (NYSE: PRGO) from Buy to Underperform.

For an analyst ratings summary and ratings history on Perrigo Co. click here. For more ratings news on Perrigo Co. click here.

Shares of Perrigo Co. closed at $121.35 yesterday.

BTIG Downgrades Perrigo Co. (PRGO) to Neutral

BTIG downgraded Perrigo Co. (NYSE: PRGO) from Buy to Neutral and removed its price target. Analyst Timothy Chiang said the departure of Joe Papa creates "significant uncertainty."

"Clearly, his resignation is unexpected and sends a negative ripple effect through the Co. While we... More

Deutsche Bank Downgrades Perrigo Co. (PRGO) to Hold

Deutsche Bank downgraded Perrigo Co. (NYSE: PRGO) from Buy to Hold with a price target of $120.00 (from $172.00). Earlier Perrigo said John Hendrickson will replace Joe Papa as CEO after his departed for a position at Valeant. It also report preliminary Q1 results... More

Ackman's Pershing Square Sends Letter to Investors on Valeant (VRX) Developments

Pershing Square Holdings, Ltd. released an email to investors. The text of the email is set forth below:

Dear Pershing Square Investor,

Today, Valeant Pharmaceuticals International, Inc. issued a press release announcing that the Board has appointed Joseph C. Papa as Chairman and CEO of Valeant.... More

Perrigo (PRGO) Bears Case Suggests $82, But RBC Doesn't See Shares Going That Low

RBC Capital analyst Randall Stanicky weighed in on Perrigo Co. (NYSE: PRGO) with shares down 15% on news CEO Joe Papa is leaving for Valeant and lowered guidance from the company.

"The bottom line is this - despite the negative news PRGO is still a good business but one with near-term challenges and that we think can be bought lower," he commented. "There is clearly some short covering in the name today as debate around where the stock settles has been high."

The analyst offers for four follow-up thoughts:

Is... More

Wells Fargo Downgrades Perrigo Co. (PRGO) to Market Perform

Wells Fargo downgraded Perrigo Co. (NYSE: PRGO) from Outperform to Market Perform.

For an analyst ratings summary and ratings history on Perrigo Co. click here. For more ratings news on Perrigo Co. click here.

Shares of Perrigo Co. closed at $121.35 yesterday.

Valeant Pharma (VRX) Appoints Joseph Papa as CEO

Valeant Pharmaceuticals International, Inc. (NYSE: VRX) announced that its Board of Directors has named Joseph C. Papa to become Valeant's Chairman and Chief Executive Officer. Mr. Papa is expected to join Valeant by early May. Mr. Papa will join Valeant from Perrigo Company plc, a leading global healthcare supplier that develops, manufactures and distributes over-the-counter (OTC) and prescription (Rx) pharmaceuticals, where he served as Chairman and Chief Executive Officer. Mr. Papa, who will also join Valeant's Board of Directors, will succeed J. Michael Pearson, who is expected to remain as CEO and a... More

Perrigo (PRGO) Names John Hendrickson as CEO; Joe Papa Heads to Valeant (VRX)

Perrigo Company plc (NYSE: PRGO) announced the appointment of John T. Hendrickson as Chief Executive Officer, effective immediately, following the resignation and departure of Joseph C. Papa, who is expected to head to Valeant Pharma (NYSE: VRX).

Perrigo Chairman Laurie Brlas commented, "Aligned with our succession planning process, the Board of Directors has elevated John to Chief Executive Officer from President, where he led global operations and had responsibility for almost 70% of our employee base. John is an exceptional leader who is passionate about our mission,... More