Ackman's Pershing Square makes $3.3 bln bet on Valeant: Reuters

Hedge fund mogul William Ackman has bought a US$3.3 billion stake in Valeant Pharmaceuticals International, making his firm the drug company's fifth-largest stakeholder, a source told Reuters. Ackman's Pershing Square Capital Management began building up the 5 percent stake in the Canadian drug maker this year, only months after his effort to help Valeant buy Botox-maker Allergan failed.

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