Largest Valeant Shareholder John Paulson Joins Drugmaker’s Board

Activist investor and hedge fund manager John Paulson has joined Valeant Pharmaceuticals International’s board, a move that comes at a time when the embattled Canadian drugmaker is restructuring itself to repay debt.

Valeant’s U.S.-listed shares were up 5.9% at $13.40 in premarket trading on Monday.

Paulson’s hedge fund Paulson & Co had a 5.68% stake in Valeant as of March 31, making it the largest shareholder in the company, according to Reuters data.

Valeant Chief Executive Joseph...

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