WSJ : Valeant Rejected Joint Takeover Approach From Takeda, TPG

(RTTNews) - Valeant Pharmaceuticals International Inc. (VRX, VRX.TO) received a joint takeover approach this spring from Japan's Takeda Pharmaceutical Co. and private-equity firm TPG that the beleaguered drugmaker rejected, the Wall Street Journal reported citing people familiar with the matter.

The approach came a month or two ago, before Valeant named Joseph Papa as its new chief executive, and didn't include a firm price, the report said, adding that there are no current talks. The board is seeking to give Papa, who was hired in late April, time to chart a course for the company.

At the time of the advance, Valeant was buffeted by an accounting scandal and questions over its debt load, and was seeking a replacement for Michael Pearson as chief executive.