"If it's Joe Papa from Perrigo, then this stock deserves to be trading up," Cramer said on "Squawk on the Street." "This is a guy who is a stable-stable guy."
"He steered that Perrigo ship into doing some remarkable things. He knows the generic [drug] business." he said.
The Wall Street Journal reported Thursday that Valeant had reached a deal with Papa, Perrigo's CEO, to become its new chief executive. Reuters later reported, citing a source familiar with the matter.