Valeant Pharmaceuticals elects new director

Valeant Pharmaceuticals has announced that G Mason Morfit has been elected to the company’s board of directors, bringing the number of board members at the firm to eight.

Mr Morfit is currently a partner with investment management company ValueAct Capital, the largest stakeholder in Valeant Pharmaceuticals holding 13.2 million shares in the firm. He is currently a director of MSD Ignition and is a CFA charterholder.

Previously, Mr Morfit was employed by Credit Suisse First Boston in equity research and also was a director of Solexa. Elected to fill an open board position, this first term as a director will expire at the 2008 annual stockholders meeting of Valeant Pharmaceuticals.

Robert A Ingram, chairman of the company, said: “We are very pleased to have someone of Mason’s calibre join our board.”

He added that Mr Morfit possesses vital business and financial insight, while his perspective as a key shareholder in the company will also prove invaluable.

Mr Morfit commented that ValueAct Capital believed in the potential of Valeant Pharmaceuticals, with his future work as a director a means to enhance value for all shareholders in the firm.

In March 2007, Valeant Pharmaceuticals announced that its financial controller Peter J Blott would replace the retiring Bary G Bailey as chief financial officer of the company.