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Valeant to offer cash, stock to keep staff after turmoil

Published 2015-11-18, 09:56 a/m
© Reuters. Valeant to offer cash, stock to keep staff after turmoil
BHC
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By Rod Nickel
Nov 18 (Reuters) - Valeant Pharmaceuticals International Inc (N:VRX)
VRX.TO will likely offer cash and stock incentives to more key
U.S. staff as it aims to avoid mass departures from the heavily
scrutinized company, a spokeswoman said on Wednesday.
Laval, Quebec-based Valeant partially uses stock to
compensate employees, but shares have fallen more than 70
percent since early August over concerns about its use of a U.S.
specialty pharmacy and price spikes for some of its drugs.
About 70 Valeant employees in key positions below the
executive level are receiving cash and stock to stay with the
company, and Valeant will likely offer the incentives to more
U.S. staff in coming weeks, said Laurie Little, head of investor
relations. She did not give details.
"In the U.S., definitely there has been some anxiety,"
Little said at a Jefferies investor conference in London.
"Through this turmoil, we definitely don't want to see an
exodus."
Little said employees outside the United States are feeling
less pressure because Valeant is known by other names in some
countries.
Valeant's previously undisclosed use of a specialty
pharmacy, Philidor Rx Services, drew allegations from
short-seller Citron Research last month that it was inflating
revenues. The company has denied the allegations, but said it
would sever ties with Philidor.
Valeant shares on Wednesday climbed 1.5 percent to $71.35 in
New York morning trading.

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