July 13, 2016 / 4:41 PM / a year ago

BUZZ-Valeant Pharmaceuticals: Ex-CEO sold shares, options worth $96.8 mln- CNBC

** Canadian drugmaker’s U.S.-listed shares up 3.4 pct at $24.01

** Former Valeant CEO Michael Pearson sold nearly 5 mln shares and options for a total of $96.8 mln, CNBC reports, citing documents not made public yet (cnb.cx/29XNVcZ)

** Pearson left Valeant on May 2 after a year in which the company had drawn scrutiny for its sharp drug price increases, financial relationship with a specialty pharmacy and accounting practices

** Pearson got a $9 mln severance payment and agreed to a consulting agreement worth hundreds of thousands of dollars, according to a document filed with regulators

** Ruane, Cunniff & Goldfarb Inc, the investment firm that runs the Sequoia Fund and once the largest shareholder of Valeant said on Tuesday it exited its position in the embattled Canadian drugmaker by mid-June

** Up to Tuesday’s close, stock had fallen 77 pct this year

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