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New chairman for Valeant

Chairman of the Valeant's board of directors, William M Wells, has resigned to be replaced by former GSK executive Robert A Ingram

Valeant Pharmaceuticals has announced the resignation of the chairman of the company's board of directors, William M Wells, who will be replaced by Robert A Ingram, a former GlaxoSmithKline (GSK) executive who is Valeant's lead independent director.

Ingram is currently a general partner at Hatteras Venture Partners and has served since January 2010 as a strategic advisor to the CEO of GSK, Valeant's partner on an epilepsy drug for which the companies are currently seeking US marketing approval.

Ingram was vice chairman, pharmaceuticals at GSK from 2002 through 2009 and chief operating officer and president of pharmaceutical operations from 2001 through 2002.

He also serves on the boards of Edwards Life Sciences, OSI Pharmaceuticals, and Allergan and was also recently appointed chairman of Elan Corporation.

Wells, the departing chairman, joined Valeant from Biovail, where he served as CEO and president of Biovail Laboratories International SRL, positions taken in mid-2008. Earlier, he was the chief financial officer of Canada's Loblaw Companies, a major distributor of food and drugstore products.

Valeant is a speciality pharma company focused on neurology, dermatology and branded generics. Earlier this month, the company received a complete response letter from the US Food and Drug Administration (FDA) for ezogabine, the anti-epileptic drug that it is developing in partnership with GSK.

The FDA's letter stated that the marketing application for the drug was not approvable in its current form but that no new clinical studies were expected to be required. GSK and Valeant said they would work together to address the FDA's concerns about the application “as soon as possible in 2011.

13th December 2010

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