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Valeant Pharmaceuticals International Inc. may replace as many as five of its directors as soon as Friday, according to a person familiar with the matter, as the company overhauls its strategy and governance and plans for the arrival of its new chief executive officer.

From the 14-person board, Chairman Robert Ingram, Audit Committee Chairwoman Norma Ann Provencio, Theo Melas-Kyraizi, Ronald Farmer and Mason Morfit may all be replaced, said the person, who asked not to be identified because the matter was private.

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