March 13, 2017 / 9:01 PM / 9 months ago

BUZZ-Valeant Pharmaceuticals: Pershing Square exits Valeant

** Canadian drugmaker’s U.S.-listed shares down 7.3 pct at $11.22 in extended trading

** Billionaire hedge fund manager William Ackman says his hedge fund, Pershing Square Capital Management, sells its entire stake in the company

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

** The biggest drag on the fund’s returns was its 2015 investment in Valeant, which lost nearly all of its value amid questions about its accounting and business practices

** VRX cost Pershing Square 19.2 pct in returns in 2016

** Up to Monday’s close, company’s shares have fallen 81.5 pct over the last 12 months

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