Ontario Teachers' Bought $17.2 Million Valeant Stock in 3Qby
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.