Valeant is thinking about changing its name

Reuters

Joe Papa, CEO of Valeant

Valeant Pharmaceuticals is considering a name change, CEO Joe Papa told shareholders on Tuesday.

“We are looking at the alternatives,” Papa said at the meeting, Bloomberg reported, though nothing has been finalized. 

Valeant, which is weighed down by debt from years of acquisitions, is also on pace to meet its target of repaying $5 billion in debt between August 2016 and February 2018, Papa said.

Repayment is expected to come from asset sale proceeds and free cash flow, and the maker of Bausch + Lomb contact lenses and Xifaxan irritable bowel syndrome treatment earlier announced sales that will generate up-front proceeds of $2.35 billion.

Valeant‘s shares jumped as much as 8.9% in Toronto to $14.39 Canadian dollars, a nearly one-month high, following Papa’s comments at Valeant‘s annual meeting in Laval, Quebec.

Canada-based Valeant racked up more than $30 billion in debt under former CEO Mike Pearson, whom Papa replaced one year ago.

Papa repeated that the company sees its core business around gastrointestinal drugs, eye care and dermatology products, but has not ruled out selling those assets.

Valeant‘s pace of selling assets has been disappointing, and recent debt refinancing is a sign that significant asset sales soon are unlikely, Wells Fargo analyst David Maris wrote in a note last month.

Reuters reporting by Allison Lampert in Laval, Quebec; writing and additional reporting by Rod Nickel in Winnipeg, Manitoba.

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