March 14, 2017 / 1:19 PM / a year ago

BUZZ-Valeant Pharmaceuticals set to open near 8-year low on Ackman's exit


** Valeant Pharmaceuticals U.S.-listed shares plunging >10 pct and set to open at lowest level since May 2009 as Pershing Square sells its entire stake

** VRX among most actively traded across all U.S. exchanges premarket with volume of 3.5 mln shares

** Jefferies bought 27.2 mln shares from Pershing at $11.00 and re-offers the unregistered block at $11.10, an 8.3 pct discount to stock’s last sale on Mon, according to market sources; gets done at bottom of $11.10-$11.40 marketed range

** Block represents about 8 pct of Valeant’s total shares outstanding and more than a full day’s worth of trading volume based on stock’s 30-day avg

** Billionaire investor hedge fund manager William Ackman taking a loss of more than $3 bln after trying to rescue the struggling Canadian drugmaker for some 18 months

** The exit “will enable us to dedicate more time to our other portfolio companies and new investment opportunities” - Ackman

** Valeant’s stock has fallen 83 pct over past one year through Mon’s close

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