Ackman's Pershing Square sells Valeant stake, takes $3 billion loss

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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.

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.

In 2015, an investigation showed that Valeant was using a network between the drug maker and a web drugstore to sell their high-cost drugs instead of the generic or cheaper ones.

The energy group retreated 2.3 per cent as oil prices fell to three-month lows after OPEC reported that crude inventories in developed countries had risen above the five-year average in January despite production cuts by some of the world's largest exporters.

The investment, which represents about 1.5 percent to 3 percent of Pershing Square's funds, required "a disproportionately large amount of time and resources", the statement said.

Bill Ackman screamed "uncle" on one of his worst bets ever - while getting squeezed by Carl Icahn on his second-worst bet.

Shares of Valeant Pharmaceuticals Intl (NYSE:VRX) opened at 12.24 on Monday.

The average price paid by Pershing Square for Valeant Pharmaceuticals is about $166 a share. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Herbalife has repeatedly denied Ackman's allegations, and fellow billionaire activist Carl Icahn went long - subsequently amassing nearly 25 percent of the stock and stacking the board with his representatives.

"Valeant has been sitting there with a single-B rating for quite a while now", said David Driscoll, president and CEO of Liberty International Investment Management Inc., in an interview with BNN. It also sold its interest in Dendreon Pharmaceuticals to Chinese company Sanpower for $819.9 million.

Many analysts have provided their estimated foresights on Valeant Pharmaceuticals International, Inc. He announced his stake in March 2015 and shares surged to $260 a share a few months later. When he takes a position in a company-whether his position is that it's undervalued and has loads of money-making years ahead of it or that it's a dream-killing pyramid scheme and should be shut down by the government A.S.A.P.-he does so with mind, body, and spirit. Public Sector Pension Investment Board now owns 522,217 shares of the specialty pharmaceutical company's stock valued at $7,582,000 after buying an additional 15,900 shares during the last quarter.

It wasn't until Valeant was bought out by Canada's Biovail in a $3.3 billion merger in 2010 that it really became the company we know.

Looking about the past performance history, the company plunged -2.42% in past week and declined -18.83% in one month.