Shares of Valeant Pharmaceuticals slipped again Thursday morning after the beleaguered drugmaker announced the resignation of an executive who oversaw some key businesses.
The Canadian company said Executive Vice President Deb Jorn had resigned for personal reasons, and her departure was not related to any action taken by a board of directors committee. Valeant said it issued the brief statement in response to investor inquiries.
Valeant Pharmaceuticals International Inc. confirmed earlier this week that it was being investigated by the Securities and Exchange Commission but offered no details. It also has faced inquiries from Congress and drawn widespread criticism for its practice of buying the rights to old drugs and then jacking up the prices.
In addition to those headaches, CEO Michael Pearson missed several weeks of work while recovering from pneumonia before returning recently.
Jorn was responsible for running the drugmaker's U.S dermatology and gastrointestinal businesses and oversaw the launches of drugs like the topical nail infection treatment Jublia.
The company said dermatology and immunology marketing Vice President Eric Abramson will become general manager of its U.S. dermatology business. Dr. Ari Kellen will oversee the gastrointestinal business.
U.S.-traded Valeant shares were down $1.39, or 2.1 percent, to $66.08 in premarket trading shortly before markets opened Thursday. The stock had hit an all-time high of $263.81 last August before it started a months-long slide.