Ackman Is ‘Profoundly’ Sorry for $4 Billion Valeant ‘Mistake’
- In letter to investors, billionaire explains lessons learned
- Ackman thinks prior management overpaid for Salix deal
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Bill Ackman “deeply and profoundly” apologized for his investment in Valeant Pharmaceuticals International Inc., a “huge mistake” that cost his firm $4 billion.
In his annual letter to investors in his publicly traded fund Pershing Square Holdings Ltd., Ackman in part blamed Valeant’s overpaying for Salix Pharmaceuticals in 2015 for the drugmaker’s downfall. But he also took blame for misjudging the company’s management and its aggressive strategy.