UPDATE: Bill Miller Says Valeant (VRX) is One of His Biggest Long Positions - Delivering Alpha Conf.

September 13, 2016 12:14 PM EDT

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(Updated - September 13, 2016 12:19 PM EDT)

Bill Miller says Valeant Pharma (NYSE: VRX) is one of his biggest long positions, according to Bloomberg.

UPDATE - Miller sees Valeant as a "busted roll-up" that could climb 25 - 30 percent in the next five years. He thinks Valeant assets could easily be sold and that the company's strategy is "completely different" with its new executive team in place.

Miller also doesn't see a realistic risk of the government moving to control drug pricing.

Comments come from the CNBC Institutional Investor Delivering Alpha Conference in NYC today.

Shares of Valeant are down 2 percent midday, but off of earlier lows.

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