Winston Churchill once said, "There is nothing wrong with change, if it is in the right direction." ICN Pharmaceuticals lacked focus and direction following the resignation of its founder Milan Panic in 2002. The company was a mess with sinking sales, the loss of two key patents and a bunch of divisions with little in common and no clear strategy. It was time to change. In November 2003, the drugmaker renamed itself Valeant Pharmaceuticals (VRX)