BUZZ-Valeant Pharmaceuticals Inc: Balancing act

Thu Jun 11, 2015 10:21am EDT
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(updates to add pricing details)

** Canadian drugmaker's shares up marginally at $229.72 in early trading after #4 holder ValueAct Capital Management trims stake

** Company says ValueAct sells 4.2 mln shares in brokers' transactions [ID: nPn3DkmH0]

** Stock's performance triggering portfolio rebalance, holdings will continue to exceed $3 bln and be one of firm's largest investments, ValueAct CEO says

** Sources cite Credit Suisse reoffers 3.75 mln shares at $223 (top of $221-$223 marketed range), 2.7 pct discount to Wednesday's last sale

** Sale cuts ValueAct's stake to 4.5 pct from 5.7 pct of company's 341 mln shares outstanding, according to Thomson Reuters data

** Valeant also names Mckinsey & Co merger expert Robert Rosiello as its next CFO [ID: nL1N0YX0WV]

** VRX hit $246.01 all-time high May 28 after U.S. FDA approved co's new irritable bowel syndrome drug, which co acquired through its purchase of Salix Pharmaceuticals

** To Wednesday's close, shares have gained 15 pct since Valeant's March $1.5 bln follow-on, which helped fund the $11 bln acquisition (RM: