Ackman raises stake in Valeant to 9.9% from 5.7%

Pershing Square Capital Management, the hedge fund led by Bill Ackman, revealed Monday that it had boosted its stake in Valeant Pharmaceuticals.

Pershing Square raised its holdings by 14,644,618 shares to 34,118,551 — meaning a total stake of about 9.9 percent from 5.68 percent. Pershing was already one of the largest holders of Valeant stock.

The headquarters of Valeant Pharmaceuticals International in Laval, Quebec.

Christinne Muschi | Reuters
The headquarters of Valeant Pharmaceuticals International in Laval, Quebec.

The fund revealed its new holdings in an updated Schedule 13D filing with the U.S. Securities and Exchange Commission, and announced the move in a Monday afternoon news release.

Shares in the company jumped more than 2 percent in after-hours trading.

This comes after Ackman told CNBC on October 21 that he had purchased an additional 2 million shares of Valeant as the stock plunged on an explosive note from Citron Research that alleged the drugmaker is channel stuffing.

Ackman told CNBC at the time that he still believed in the company despite Citron claims.
[“source -cncb”]

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