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Overcoming the 'ick' factor: Finding value in Valeant

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Bill Miller: Valeant could double

Price is what you pay, but value, as Warren Buffett has observed, is what you get.

Lately, big-name investors like Bill Miller and Aswath Damodaran are betting they'll get more than they paid for out of shares of troubled Valeant Pharmaceuticals International, which on Monday named new leadership.

Both built positions in Valeant when it was trading around $32 a share, compared with its all-time closing high of $263 last August.

The company's deep and dramatic sell-off is a key part of their attraction. "It's probably the most toxic name in the market," Miller told CNBC's "Closing Bell " on Friday.

Valeant's share prices were up about 3 percent Monday, after the company named Joseph Papa to succeed Michael Pearson as chairman and chief executive. The company said Papa, the 60-year-old chairman and CEO of drug company Perrigo, is expected to join Valeant early next month.