Valeant’s Former CEO To Receive $9 Million Severance Payment, Other Fees

Michael Pearson, the former chief executive officer of Valeant Pharmaceuticals International (VRX.TO), will receive a $9 million severance payment and agreed to a consulting deal worth hundreds of thousands of dollars, according to a document filed with regulators.

Pearson, who left Valeant on May 2 after a year in which it had drawn scrutiny for its sharp drug price increases, financial relationship with a specialty pharmacy and accounting practices, is also eligible for a pro-rated performance bonus for 2016, the separation-agreement document said.