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Ackman Defends Valeant’s Drug Development on Investor Call

  • Investor says Valeant’s R&D programs are ‘mischaracterized’
  • Two drugs up for approval, research spending lags rivals
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Billionaire investor Bill Ackman defended Valeant Pharmaceuticals International Inc.’s research and development program, citing two drugs making their way toward the market and another just cleared.

“People have mischaracterized Valeant’s R&D programs,” Ackman, whose Pershing Square Capital Management LP is one of the drugmaker’s biggest holders, said Wednesday on a conference call with investors. “This company has one of the most productive R&D programs of any pharmaceutical company in the country.”