Bill Ackman Exits Valeant
Pershing Square held a 10% long position in Valeant Pharmaceuticals International Inc.
Bill Ackman, the CEO of Pershing Square hedge fund, sold his final shares of Valeant Pharmaceuticals International (VRX) . Pershing Square held a 10% long position in the drug company. Ackman loss about $2.8 billion on the deal. Ackman, along with Pershing Square's vice-chairman Steve Fraidin, informed the company of his plans to leave the board. Valeant is currently facing more than $28 billion of debt, which amassed during the tenure of its former Chief Executive Officer Michael Pearson, the company said in a statement.
This article was written by a staff member of TheStreet.
