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Perrigo (PRGO) Stock Tumbles, CEO Papa in Talks to Leave for Valeant

NEW YORK (TheStreet) -- Perrigo (PRGO - Get Report) stock is down by 4.8% to $122.50 in pre-market trading on Friday, as Valeant (VRX) finalizes a contract to hire its CEO, Joseph Papa, sources told the Wall Street Journal.

Valeant hopes to announce the appointment of Papa as CEO as early as next week, but has met resistance from Perrigo's board, the Journal adds. Perrigo's board hasn't said whether it would allow Papa to void a non-compete clause in his contract.

During Papa's nearly 10 years as CEO of Perrigo, he led the company through a merger with an Irish rival to move its headquarters abroad and reduce its taxes. Papa...