Valeant is jumping after John Paulson joined its board [The Business Insider]
VALEANT PHARMACEUTICALS (VRX)
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Source: The Business Insider
Valeant is jumping after John Paulson joined its board Read the original article on Reuters . Copyright 2017. Follow Reuters on Twitter . pictures.reuters.com Activist investor and hedge fund manager John Paulson has joined Valeant Pharmaceuticals board, as the embattled Canadian drugmaker is restructuring itself to repay debt. Valeant's U.S.-listed shares were up 5.9 percent at $13.40 in premarket trading on Monday. Paulson's hedge fund Paulson & Co had a 5.68 percent stake in Valeant as of March 31, making it the largest shareholder in the company, according to Reuters data. Valeant was once a Wall Street darling. In addition to Paulson, it famously drew an investment from Bill Ackman — before regulatory and shareholder scrutiny of a secret pharmacy and the company's marketing practices unraveled investors' faith in the stock. The shares fell more than 90%, and Ackman eventually sold his stake in the company for a $3 billion loss. Valeant Chief Executive Joseph Papa is working
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