Ailing Valeant CEO placed on medical leave

December 28, 2015 1:53 PM

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Embattled drugmaker Valeant Pharmaceuticals International (VRX) said ailing CEO J. Michael Pearson is now on medical leave, a Monday announcement that sent the Canada-based company's shares lower in pre-market trading.

Pearson, 56, has been hospitalized in New Jersey for what the company last week characterized as severe pneumonia. He was recently transferred to a second hospital, whose name and location has not been disclosed, for continued treatment, Bloomberg News reported Sunday.

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