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Valeant CEO takes medical leave

Valeant Pharmaceuticals CEO J. Michael Pearson is taking a medical leave of absence after he was hospitalized with pneumonia last week.

Shares of the troubled Canadian pharmaceutical company fell nearly 7 percent in premarket trading Monday. Valeant says three executives will take over for Pearson in his absence.

A representative for Valeant said Monday that Pearson has a "severe case of pneumonia and is receiving treatment in the hospital." The company declined to offer details on his condition or the expected length of his absence.

Valeant has recently come under scrutiny for its drug pricing policies, as well as its relationship with the mail-order...

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