Activist investor Bill Ackman, the CEO of $US20 billion Pershing Square Capital, now owns a $US3.3 billion stake in Valeant Pharmaceuticals, Reuters’ Svea Herbst-Bayliss reports citing an unnamed source.
According to Reuters, Ackman owns an approximately 5% passive stake in the Canadian drug company. He started building the position this year.
Last year, Ackman teamed up with Valeant to pursue a hostile takeover of Allergan, the maker of Botox. All of Ackman and Vale ant’s offers were rejected.
At the time, Ackman didn’t own any shares of Valeant. However, he made more than $US2.28 billion on his position in Allergan after the company was acquired by Acta vis in a $US66 billion deal.
Shares of Valeant were last trading up about 2.07% at $US202.91 per share.