BOSTON, May 2 (Reuters) - Billionaire hedge fund manager William Ackman told television station CNBC on Monday that embattled drug company Valeant Pharmaceuticals has no plans to sell any “crown jewel” assets and that he stuck with his bet on the company because he thought he could “fix it”.
Valeant’s stock price tumbled some 80 percent since Ackman invested in 2015, but the fund manager said the company is now on a better path with a new chief executive. Future growth will be fueled by more sales instead of sharp price increases. And it “will have an investment grade balance sheet sometime within the next two to three years without selling one asset,” Ackman said.
Reporting by Svea Herbst-Bayliss and Caroline Humer; Editing by Chizu Nomiyama