The big news out of the Health Care sector this morning is that the CEO of Perrigo (PRGO) is leaving and taking over at Valeant (VRX). On the news, shares of VRX are trading up 4% and PRGO is down over 12%. The performance of VRX over the last year has been an absolute disaster as the stock is down over 80%, so the fact that any CEO of a public company would be willing to leave their current role and step in and run VRX has been taken as a positive signal. Looking at the performance of PRGO over the last year, though, it too has been no slouch when it comes to big declines. As of this morning, the stock is down over 45% in the last year! To make matters worse, PRGO has also turned down numerous cash/stock overtures from Mylan (MYL) that the former CEO characterized as a “bad deal” for PRGO shareholders. Hindsight is always 20/20, but based on today’s prices, that bad deal for PRGO shareholders late last year would be worth over $185 per share compared to the current level of $105. That’s 75% above current levels.