VRX Bausch Health Cos

By Tess Stynes 

Valeant Pharmaceuticals International Inc. said three of its directors won't nominated for re-election to the board at its annual meeting next month, citing the company's increased size and their other commitments.

The company said the three board member "who have full-time jobs looking at health-care investment opportunities, feel that continued service on the Valeant board could limit their professional effectiveness."

The move comes the same week that Valeant--already known as a serial acquirer--and hedge-fund manager William Ackman unveiled a nearly $46 billion offer for botox-maker Allergan Inc.

The three board members are former Schering-Plough chief executive Fred Hassan, who's now part of Warburg Pincus; ValueAct President Mason Morfit, and Lloyd Segal of Persistence Capital Partners LP.

Write to Tess Stynes at tess.stynes@wsj.com

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