August 9, 2017 / 10:34 PM / 2 months ago

Hedge fund Paulson & Co trims stake in Valeant

(Reuters) - Valeant Pharmaceuticals International Inc (VRX.TO) investor John Paulson trimmed his stake in the Canadian drugmaker but said he remains fully supportive of the company’s leadership.

New York-based hedge fund Paulson & Co cut its stake to 6 percent from 6.3 percent, reported in June, due to rebalancing of its portfolios based on asset flows.

The disclosure comes nearly 2 months after billionaire investor Paulson, whose hedge fund is the biggest shareholder of Valeant, joined the company’s board as Valeant tries to lower its debt load.

Valeant on Tuesday said it expects to repay more than $5 billion in debt earlier than it had targeted.

Reporting by Divya Grover in Bengaluru; Editing by Shounak Dasgupta

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