Valeant boss returns from illness

Valeant Pharmaceuticals (NYSE: VRX) has announced the return of Michael Pearson as chief executive following his recovery from severe pneumonia.

The company, which produces a range of pharmaceutical products primarily in dermatology, gastrointestinal disorder, eye health neurology and branded generics, said interim chief executive Howard Schiller will continue as a board member after handing back the reigns.

Mr Pearson said: "I want to express my sincere gratitude to Howard for his willingness to step in and lead the company through a challenging period. I realize that recent events are disappointing to everyone and it is my responsibility to set the appropriate tone for the organization. My immediate priority will be to build stronger relationships with important constituents, such as managed care and other channel partners, regulators and government representatives, while improving Valeant's reporting procedures, internal controls and transparency.