Bill Ackman gives up, sells stake in Valeant

NEW YORK - Activist investor Bill Ackman has sold his hedge fund’s stake in drugmaker Valeant Pharmaceuticals International (VRX) saying the investment took up a “disproportionately large amount of time and resources.”

Ackman’s Pershing Square said Monday that it will realize a “large tax loss” on the investment. According to data provider Capital IQ, it had been the Valeant’s No. 2 shareholder.

Neither Ackman nor Pershing Square’s vice chairman, Steve Fraidin, will seek reelection to Valeant’s board. Ackman became a director in March 2016 during an executive shakeup.

Valeant, a Canadian pharmaceutical company, has attempted to turn around its business amid government probes and criticism of its aggressive price hikes for critical heart drugs. Former executives of Valeant and a related mail-order pharmacy were charged with a fraud-and-kickback scheme in November.