ALISO VIEJO, Calif., Jan. 6 Valeant Pharmaceuticals International (NYSE: VRX) today announced that it has appointed Rajiv De Silva to the position of Chief Operating Officer of Specialty Pharmaceuticals, effective January 5, 2009. Mr. De Silva will assume responsibility for overseeing the U.S., Canadian and Australian specialty pharmaceuticals operations.
"We are very pleased to have Rajiv join the Valeant team," said J. Michael Pearson, Chairman and Chief Executive Officer. "His experience in the global pharmaceutical industry and his track record on the operations side should serve as important assets to the Valeant team as we continue to focus our business on efficiency and profitability."
"I am excited to join a company with such great potential," stated Mr. De Silva. "I look forward to playing a key role within Valeant's management team as we further capitalize on this promise and fundamentally change our position in the pharmaceutical industry."
About Rajiv De Silva
Prior to joining Valeant, Mr. De Silva held various leadership positions with Novartis AG. His most recent position was President, Novartis Vaccines USA and Head, Vaccines of the Americas. Mr. De Silva held these positions since 2007, during which time he played a key leadership role at Novartis' Vaccines & Diagnostics Division and served as a member of the Executive Committee of Novartis Vaccines & Diagnostics. From 2005 to 2007, he served as President, Novartis Pharmaceuticals Canada. He originally joined Novartis as Global Head, Strategic Planning for Novartis Pharma AG, in Basel, Switzerland, in 2003.
Prior to his time at Novartis, Mr. De Silva was a partner at McKinsey & Company, a management consulting firm, where he focused his consulting practice on the pharmaceutical industry. During his nine years at McKinsey, he led multiple efforts related to pharmaceutical strategy, sales and marketing, research and development operations, organization design, and mergers and acquisitions.
Mr. De Silva comes to Valeant with broad international experience, having worked in the United States, Europe, Canada and Latin America. He holds a Bachelor of Science in Engineering, Honors, from Princeton University, a Master of Science from Stanford University, and a Master of Business Administration, with Distinction, from the Wharton School at the University of Pennsylvania.
As is the case with other members of Valeant's senior management, Mr. De Silva's compensation package is directly linked to the performance of Valeant and is intended to provide a strong and direct link to the company's future.
Valeant Pharmaceuticals International (NYSE: VRX) is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of neurology and dermatology. More information about Valeant can be found at www.valeant.com.
This press release contains forward-looking statements, including, but not limited to, statements regarding the future of Valeant's operations, efficiency and profitability. These statements are based upon the current expectations and beliefs of Valeant's management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties related to Valeant's ability to successfully integrate its acquisitions and to realize the benefits of these acquisitions and management's ability to improve operations, as well as other risks and uncertainties discussed in the company's filings with the SEC. The company cautions the reader that these factors are among the factors that could cause actual results to differ materially from the expectations described in the forward-looking statements. The company also cautions the reader that undue reliance should not be placed on any of the forward-looking statements, which speak only as of the date of this press release. The company undertakes no responsibility to update any of these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect actual outcomes.
Contact: Laurie W. Little Valeant Pharmaceuticals 949-461-6002
SOURCE Valeant Pharmaceuticals International