Valeant CEO Takes Medical Leave; Executive Team to Run Drugmaker

December 28, 2015 3:25 PM

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Valeant Pharmaceuticals International Inc. Chief Executive Officer Michael Pearson is taking a medical leave of absence, putting management of the embattled drugmaker in the hands of a team of executives.

In a statement Monday, the company gave no update on the condition of Pearson, who was hospitalized last week with a severe case of pneumonia. The shares sank 8.7 percent to $104.14 at 10:16 a.m. in New York.

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