- Canadian pension fund held 96,470 shares end of third quarter
- Shares have since dropped 59 percent amid controversy
Ontario Teachers’ Pension Plan, Canada’s third largest pension fund, purchased $17.2 million worth of shares in Valeant Pharmaceuticals International Inc. during the third quarter, according to regulatory filings.
Ontario Teachers’ 96,470 shares purchased during the quarter were valued at $178.38 a piece as of Sept. 30, according to the filing. Shares have since fallen to $73.77 a piece at the close in New York Thursday, a 59 percent drop.
It is not clear whether the pension fund still owns the stock. The pension fund doesn’t talk about individual trades or holdings during the year, Deborah Allan, a spokeswoman for Ontario Teachers, said by e-mail.
Valeant shares have fallen in recent months as several controversies arose around its business model. It terminated its relationship with pharmacy Philidor RX Services after short-seller Citron Research raised questions about Philidor altering doctors’ prescriptions to wring more reimbursements from U.S. health insurers.
Ontario Teachers’ has $154.5 billion in assets under management as of March 31. Its Valeant investment accounted for 0.158 percent of its portfolio, according to the filings.