Billionaire John Paulson is doubling down on Valeant Pharmaceuticals.
The hedge-fund tycoon said Monday he is joining the board of the scandal-ridden pharma giant — despite the fact that he’s lost nearly $2 billion on the company’s shares thus far.
The move comes just three months after fellow hedgie Bill Ackman of Pershing Square sold his stake in Valeant at a nearly $4 billion loss and said he was exiting his board seat.
Paulson, meanwhile has been steadily purchasing shares in the company, despite the value of his holding plunging nearly $1.7 billion to roughly $260 million, down from a high of nearly $2 billion in June 2015.
Paulson’s “experience will be especially valuable as we continue to execute on our transformational strategy to turnaround Valeant,” CEO Joseph Papa said in a statement Monday.
Shares of Valeant popped nearly 5 percent to $13.27 in early…
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