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Valeant's new CEO a good choice for a dim future

Joseph Papa
CNBC
Joseph Papa

Valeant Pharmaceuticals' new chief executive is a good choice for a dim future. Joseph Papa's skill running a tight ship at Perrigo is sorely lacking at his new company. Valeant needs to keep staff, sell assets and pay down the company's $30 billion of debt, all while coping with drug pricing pressures that have also hit the rest of the industry.