Embattled Valeant is considering changing its name
Reuters
"We are looking at the alternatives," Papa said at the meeting, Bloomberg reported, though nothing has been finalized.
Valeant, which is weighed down by debt from years of acquisitions, is also on pace to meet its target of repaying $5 billion in debt between August, 2016 and February, 2018, Papa said.
Repayment is expected to come from asset sale proceeds and free cash flow, and the maker of Bausch + Lomb contact lenses and Xifaxan irritable bowel syndrome treatment earlier announced sales that will generate up-front proceeds of $2.35 billion.
Valeant's shares jumped as much as 8.9% in Toronto to C$14.39, a nearly one-month high, following Papa's comments at Valeant's annual meeting in Laval, Quebec.
Canada-based Valeant racked up more than $30 billion in debt under former CEO Mike Pearson, whom Papa replaced one year ago.
Papa repeated that the company sees its core business around gastrointestinal drugs, eye care and dermatology products, but has not ruled out selling those assets.
Valeant's pace of selling assets has been disappointing, and recent debt refinancing is a sign that significant asset sales soon are unlikely, Wells Fargo analyst David Maris wrote in a note last month.
Reuters reporting by Allison Lampert in Laval, Quebec; writing and additional reporting by Rod Nickel in Winnipeg, Manitoba.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas