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Ackman's hedge fund cooperating with U.S. on drug pricing probe -letter

Published 2016-03-24, 04:29 p/m
© Reuters. Ackman's hedge fund cooperating with U.S. on drug pricing probe -letter
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BOSTON, March 24 (Reuters) - Billionaire investor William
Ackman on Thursday told investors that his hedge fund is
cooperating with a request for information from the U.S.
government, which is probing the pharmaceutical industry.
Pershing Square (NYSE:SQ), which owns a 9 percent stake in drugmaker
Valeant Pharmaceuticals (NYSE:VRX), was contacted last Friday by the U.S.
Senate Special Committee on Aging as part of an investigation
into pricing of off-patent drugs. "As you would expect, we will
fully cooperate with the committee's requests," Ackman wrote in
the letter.
The letter was attached to the firm's annual report which
said that there are no plans to abandon the firm's strategy of
making concentrated bets on a small number of companies even
after last year's poor performance.

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