Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

Valeant Pharmaceuticals shares slump as Pershing exits

Tuesday, March 14, 2017 7:17
% of readers think this story is Fact. Add your two cents.

(Before It's News)

Faith is fading fast for investors remaining in Valeant Pharmaceuticals Intl Inc (NYSE:VRX) with the pharma stock losing around 10% in Tuesday’s early deals.

It comes after billionaire investor Bill Ackman, via Pershing Square Capital Management, retreated out of the drugmaker – selling his entire stake and in turn leaving the board.

Valeant shares have fallen a long way off their peak, at around US$250 in 2015, and it is reported that Pershing’s share were offered between US$11.10 and US$11.40.

Ackman may have reportedly lost US$2.8bn just on the sale of shares held at the end of 2016, though the total loss on the investment is expected to be higher.

The high profile investor backed Valeant nearly three years ago in attempted takeover action – a hostile move for Allergan – before taking a direct stake in the group, but, the more recently Valeant has been under scrutiny over drug pricing and sales strategies, debt and waning investor confidence.

In New York, Valeant shares were down US$1.23 (10.20%) changing hands at US$10.85 each.

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/174778/valeant-pharmaceuticals-shares-slump-as-pershing-exits-174778.html

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories
 

Featured

 

Top Global

 

Top Alternative

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.