Pershing Square Sells Stake in Valeant (VRX), Potentially Losing Over $5 Billion

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Go back to Pershing Square Sells Stake in Valeant (VRX), Potentially Losing Over $5 Billion

Pershing Square Capital Management, L.P. Announces Sale of Its Investment In Valeant Pharmaceuticals International, Inc.

March 13, 2017 4:48 PM EDT

NEW YORK--(BUSINESS WIRE)-- Pershing Square Capital Management, L.P. (Pershing Square) announced today that it has sold its investment in Valeant Pharmaceuticals International, Inc. (Valeant) (ticker: NYSE: VRX). Pershing Square CEO Bill Ackman and Vice Chairman Steve Fraidin will remain on the Valeant board until the upcoming annual meeting but will not stand for re-election.

At its current market value, the Valeant position represented 1.5% to 3% of the various Pershing Square funds; however, the investment required a disproportionately large amount... More