After weathering several financial scandals, CEO Joe Papa said Valeant Pharmaceuticals is considering changing its name, the New York Post reports.
Here's what you should know.
1. At Valeant's annual meeting, Mr. Papa that the company is considering alternative names.
2. Valeant appointed Mr. Papa CEO in May 2016 and has attempted to settle the company's $30 billion in debt.
3. The potential name change sent company stocks up 8.5 percent early May 2 to $10.19 at noon.
4. In addition to the potential name change, Mr. Papa said Valeant entered the second phase of a three-phase transformational plan. This phase focuses on specialty markets and fixing its balance sheet. Mr. Papa expects the company will enter its third phase, one focused on growth, next year.