Valeant Pharmaceuticals adds prominent U.S. investor John Paulson to board

John Paulson, president of Paulson & Co., attends a meeting of the Economic Club of New York, April 11, 2011. (Mark Lennihan/AP)

LAVAL, Que. -- Valeant Pharmaceuticals International Inc. (TSX:VRX) says prominent U.S. investor John Paulson has joined its board of directors.

His New York-based investment firm Paulson & Co. is currently Valeant's largest shareholder, with about 5.7 per cent of the Quebec-based company's outstanding shares.

Paulson supported Valeant in 2014 during its unsuccessful attempt to buy Botox maker Allergan Inc., which eventually went to a rival bidder.

At the time, Valeant was led by J. Michael Pearson, who left last year after the company's stock price plunged from its August 2015 peak.

Paulson says he supports Valeant's leadership team and its plan to sell non-core assets to reduce debt.

His appointment was effective June 14.