Valeant Pharmaceuticals Loses Largest Shareholder

Valeant Pharmaceuticals (VRX) shares were on the rise Wednesday even after reports that longtime investor, Sequoia Fund, has exited its investment. Sequoia, which was once the largest shareholder in Valeant, said pharmaceutical company was no longer a holding in its portfolio as of mid-June. In a letter to shareholders, the fund's investment committee said that, 'Valeant was our largest position to start the year and its 80 percent decline through June 30 badly penalized our results.'