Valeant filed documents with regulators on Thursday showing Mr. Papa earned $42 million in stock awards, $9.1 million in bonuses, $10 million in options and a base salary of more than $981,000, according to the report.
Mr. Papa took over as CEO last May after leaving his position as leader of rival drugmaker Perrigo. Valeant said it needed to give Mr. Papa a “market competitive pay package” to attract him to the position, reports CNN Money.
The drugmaker went on to say it’s “very supportive of Mr. Papa’s efforts to date and is confident in his abilities and those of his team to lead us through our transformation,” according to the report.
Valeant, which lost $2.4 billion last year, is the subject of several ongoing state and federal investigations regarding potentially inappropriate business and pricing practices. The drugmaker has gradually divested numerous business units to help pay off its $30 billion debt pile. Valeant’s largest investor, billionaire Bill Ackman, also sold off his entire stake in the company earlier this month, taking a $4 billion loss.
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