The Carillon - ONLINE EDITION
By: Jordan Ross
Posted: 05/15/2018 9:45 AM
Valeant Pharmaceuticals International Inc., one of Steinbach’s largest employers, is hoping a name change helps it turn over a new leaf.
The company, headquartered in Laval, Que., announced last week that come July, it will rebrand as Bausch Health Companies Inc.
The name change will not apply to subsidiaries with their own established brands, a release stated, but the company’s stock symbol will change from VRX to BHC on the New York and Toronto exchanges.
The move follows a three-year rough patch that saw Valeant leadership take heat from the public, politicians, and regulators for hikes to drug prices, causing the company’s stock value to drop.
Joseph Papa, Valeant’s CEO since May 2016, has launched a multi-year turnaround strategy, including debt reduction and divestitures, designed to resolve "numerous legacy issues," a release noted.
"We believe Bausch Health Companies more accurately represents the full scope of the company today," Papa said.
Lainie Keller, vice-president for corporate communications, said the company won’t unveil its new logo until July, but said its 375 Steinbach employees will notice new signage later this year.
It will be the second new look in less than a decade for the plant, known as Biovail Corp. until a merger with Valeant in 2010.
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