"We are aware of the speculation regarding our Chairman and CEO Joseph Papa," Perrigo said in a statement. "As is our company policy, we do not comment on speculation or market rumor." Valeant declined to comment on the "rumors."
The Wall Street Journal earlier reported that Valeant was looking to name Papa as next CEO.
Valeant said in March CEO Michael Pearson was leaving the company, just three weeks after returning from a two-month medical leave. The company said at that time Pearson would remain in his post until it finds his successor.
Debt-laden Valeant has recently settled with some of its lenders after a missed deadline for filing its annual report put the company at risk of a default. It secured an extension until May 31, but has pledged to file its statements toward the end of April.
— CNBC contributed to this report.