Company Update (NYSE:VRX): Valeant Pharmaceuticals Intl Inc Appoints Michael J. Parini as Executive Vice President and Chief Legal Officer
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Corey Williams — November 23, 2015, 1:09 PM EDT
Valeant Pharmaceuticals Intl Inc (NYSE:VRX) announced the appointment of Michael J. Parini to the role of Executive Vice President and Chief Legal Officer. Mr. Parini will serve as a member of Vertex’s Executive Committee, reporting directly to Jeffrey Leiden, M.D., Ph.D., Vertex’s Chairman, President and Chief Executive Officer. Mr. Parini will begin his role with Vertex effective January 4, 2016.
Mr. Parini joins Vertex after more than a decade at Pfizer Inc., where he served in multiple leadership roles within the company’s global legal team. Most recently, he served as Senior Vice President and Associate General Counsel and was responsible for the strategic management of Pfizer’s global litigation activities, including civil, intellectual property, government and employment litigation. Mr. Parini also served as Chief Counsel for multiple key business units within Pfizer, advising Pfizer’s leadership team on key business issues related to investment decisions, patent disputes, global pricing strategies and commercial operations activities, among other responsibilities.
“Michael brings to Vertex extensive global legal experience related to the development and commercialization of multiple medicines,” said Dr. Leiden. “I welcome Michael to the Vertex team and believe his expertise will be invaluable as we bring our cystic fibrosis medicines to more people worldwide and advance key research and development programs across many diseases.”
“I’ve watched Vertex’s evolution over recent years and am thrilled to join this team at such an exciting and pivotal time in the company’s history,” said Mr. Parini. “I believe that Vertex is one of very few companies that has the potential to make a fundamental change in the treatment of many serious diseases, and I look forward to joining the team in January.”
Prior to Pfizer, Mr. Parini served as a health care attorney at Akin, Gump, Strauss, Hauer & Feld, L.L.P. where he provided legal counsel on federal and state regulatory and policy issues. He is a member of the New York and District of Columbia bars. He received a bachelor’s degree in American government fromGeorgetown University and his law degree from Georgetown University Law. (Original Source)
Shares of Valeant Pharmaceuticals opened today at $92.10 and are currently trading up at $92.47. VRX has a 1-year high of $263.81 and a 1-year low of $69.33. The stock’s 50-day moving average is $118.48 and its 200-day moving average is $202.79.
On the ratings front, Valeant has been the subject of a number of recent research reports. In a report issued on November 20, Mizuho analyst Irina Rivkind Koffler reiterated a Buy rating on VRX, with a price target of $111, which implies an upside of 20.5% from current levels. Separately, on the same day, Maxim Group’s Jason McCarthy reiterated a Hold rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Irina Rivkind Koffler and Jason McCarthy have a total average return of 43.9% and -1.7% respectively. Koffler has a success rate of 69.2% and is ranked #3 out of 3858 analysts, while McCarthy has a success rate of 50.0% and is ranked #2916.
The street is mostly Bullish on VRX stock. Out of 21 analysts who cover the stock, 14 suggest a Buy rating , 6 suggest a Hold and one recommends to Sell the stock. The 12-month average price target assigned to the stock is $171.10, which represents a potential upside of 85.8% from where the stock is currently trading.
Valeant Pharmaceuticals International Inc is a specialty pharmaceutical and medical device company that develops, manufactures, and markets a range of generic and branded generic pharmaceuticals, over-the-counter products and medical devices.