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news.Pershing Square Capital Management has increased its interest in Valeant Pharmaceuticals International to 9.9%, making it the second largest shareholder in the company.
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The hedge fund management company earlier held a stake of 5.7% in the pharmaceutical firm, which develops and markets prescription and non-prescription products.
Valeant’s main drug markets include neurology, dermatology and infectious disease with various drugs in late-stage clinical trials and several presently on the market.
As of July this year, Valeant was valued at more than $90bn by market capitalization, making it the largest pharmaceutical company in Canada.
Headquartered in Laval, Quebec, Valeant employs about 17,000 people globally.
The company’s growth strategy is to purchase, develop and commercialize new products via partnerships, and expand its pipeline with new compounds or products through product or company acquisitions.
Earlier this year, Valeant agreed to acquire Mercury (Cayman) Holdings, the holding company of Egyptian drug-maker Amoun Pharmaceutical, for $800m.
Last month, Valeant acquired Synergetics USA, which supplies precision surgical devices.