John Paulson Joins Valeant's Board After His Firm Took A Nearly $2 Billion Hit On Its Stock

This is source I found from another site, main source you can find in last paragraph

>John Paulson

, one of the widest known names in the hedge fund world, will be joining the board of Valeant Pharmaceuticals

(VRX-CA), the drug company announced Monday morning.

Quotes in the article

> Valeant Pharmaceuticals International Inc

VRX

▲ 14.15
+0.25 +1.80%

Paulson became a director of the board on June 14, Valeant said.

"We are pleased to welcome John to Valeant's board of directors," Valeant CEO Joseph Papa said in a statement.

"With his significant business and financial expertise, John will be a strong addition to the board. His experience will be especially valuable as we continue to execute on our transformational strategy to turnaround Valeant."

Ironically enough, Paulson has made a handful of bad bets on drug makers, including one on Valeant. That particular crummy trade resulted in a nearly $2 billion loss for his firm.

Paulson's firm, Paulson & Company, had recorded nearly double-digit losses in several of its larger funds as of the end of March, The New York Times has reported.

"The strategic plan to transform Valeant smartly focuses on rebuilding the company's core franchises in ophthalmology, dermatology and gastroenterology while simultaneously using the proceeds from the sale of non-core assets and operating cash flow to de-lever the company," Paulson said Monday about his new partnership with the drug maker.

"I am fully supportive of the strategy and leadership team at Valeant," he added.

According to Forbes, Paulson remains one of the hedge fund world's richest billionaires, but he doesn't boast as much money as he used to.

Paulson has seen his net worth drop by about $2 billion over the past year, to $7.9 billion, Forbes found, having suffered through several wrong trades, which include bets on a Greek recovery and Puerto Rico.

This is source I found from another site, main source you can find in last paragraph

Source : https://www.msn.com/en-us/money/companies/john-paulson-joins-valeants-board-after-his-firm-took-a-nearly-dollar2-billion-hit-on-valeant/ar-BBCSJNJ

refer

varied

John Paulson joins Valeant's board after his firm took a nearly $2 billion hit on Valeant
BNN's Daily Chase: Activist takes aim at HBC, Morneau talks cannabis with finance ministers
Ackman's Valeant Defense in Vain as Stock Falls Again on Promise of New Allegations
Drugmaker Valeant CEO leaving as investor Ackman joins board
A Valeant Effort: How Allergan Used Acquisition Accounting To Inflate Sales Growth, Boost NOLs, And Reinvent The Operating Profitability Of Actavis Generics
Elizabeth Warren Tells the Federal Reserve to Grow a Spine
Morgan Stanley's 2015 targets
Morning Agenda: Bank of America’s Legal Hit
Frontrunning: November 4