John Paulson joins Valeant board after his firm takes nearly $2 billion hit on Valeant

Hedge fund billionaire John Paulson has joined the board of Valeant Pharmaceuticals.

Paulson became a director of the board last Wednesday, the company announced Monday.

“With his significant business and financial expertise, John will be a strong addition to the board,” Valeant CEO Joseph Papa said in a statement. “His experience will be especially valuable as we continue to execute on our transformational strategy to turn around Valeant.”

Paulson has made a handful of bad bets on drugmakers, including one on Valeant. That trade resulted in a nearly $2 billion loss for his firm.

Paulson’s firm, Paulson & Co., had recorded nearly double-digit losses in several of its larger funds as of the end of March, The New York Times has reported.

“The strategic plan to transform…

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