Valeant Pharmaceuticals, which is currently being questioned by Congress and investigated by federal law enforcement agencies for allegedly buying old drugs and raising their prices, has added three new members to its board: Stephen Fraidin, vice chairman of Pershing Square Capital Management, Fred Eshelman, founder of Eshelman Ventures, and Thomas W. Ross Sr., president of the University of North Carolina. This addition comes at a time when Valeant is trying to reassure its investors.
Over the last year, the company’s stock has fallen significantly to leave stockholders wondering if Valeant can pay back $30 billion in debt. On February 28th, Valeant’s chief executive, J. Michael Pearson, returned from a two-month medical leave and announced he was canceling Valeant’s fourth-quarter earnings call and financial guidance for 2016.