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>> How hard is it to walk away from $3 billion. Ask Bill Ackman, he just did it. The billionaire investor dumping his funds stake in Valeant Pharmaceuticals after an 18-month effort to rescue the ailing drug company. Ackman's Pershing Square Capital Management became one of Valeant's biggest investors in 2015, sinking $3.2 billion into the firm.
The silver-haired activist investor, one of the biggest names and egos in the hedge fund world, put everything into turning around the troubled pharma company, securing a board seat, replacing the chief executive, overhauling the board of directors, and selling off assets. But none of that reversed Valeant's plunging share price as US regulators probed its pricing policies and problems at its specialty pharmacy unit, Philidor.
Valeant's stock losing 95% of its value since mid-2015. Ackman selling off Pershing's 18.1 million shares on Monday. And an additional 8.8 million owned in his own name. On the plus side, it could help soothe Pershing who began to show signs of concerns about mounting losses in the portfolio.