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Ruane Cunniff Sold 4 Million Valeant Shares in First Quarter

  • Drugmaker's slumping stock dragging down Sequoia's returns
  • Some of those leaving fund are paid in a mix of cash, stocks

Ruane, Cunniff & Goldfarb, the largest shareholder in Valeant Pharmaceuticals International Inc., sold about 4 million shares, or 11 percent, of its stake in the slumping drugmaker in the first quarter, according to a regulatory filing Friday.

Ruane Cunniff, which runs the $5.5 billion Sequoia Fund, trimmed its position to 31.4 million shares as of March 31 from 35.4 million as of Dec. 31. The fund sold about 1.5 million Valeant shares in March, a person familiar with the transaction said at the time.