Valeant shares hit a new low before the market open following Pershing’s departure
MONTREAL — Shares of Valeant Pharmaceuticals International plunged about 13 per cent to a new low in pre-market trading this morning following the departure of one of its major investors.
The Quebec-based company's battered stock was down $1.55 at US$10.56 about two hours before the Toronto Stock Exchange's open.
That's below Valeant's previous 52-week low of US$11.36 on the New York Stock Exchange.
The latest knock to what was once one of Canada's most valuable companies follows an announcement on Monday that Pershing Square Capital Management has sold its final stake in the drugmaker for a large tax loss.
The New York-based firm headed by Pershing Square CEO Bill Ackman had been the Montreal-area company's largest individual shareholder at one time and also one of Valeant's most vocal defenders as it was beset by multiple problems.
In Toronto, Valeant shares (TSX:VRX) closed on Monday at C$16.23 prior to Pershing's disclosure after the Toronto and New York stock markets closed.
The Canadian Press
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