Ackman's Pershing Square exits ailing investment in Valeant

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FILE PHOTO - A sign for the headquarters of Valeant Pharmaceuticals International Inc is seen in Laval, Quebec June 14, 2016. REUTERS/Christinne Muschi/File Photo (Copyright Reuters 2017)

Billionaire investor William Ackman, who had been Valeant Pharmaceuticals International's biggest cheerleader for two years as the share price climbed and then plummeted, on Monday said his hedge fund had sold its entire position.

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"We elected to sell our investment and realize a large tax loss which will enable us to dedicate more time to our other portfolio companies and new investment opportunities," Ackman said in a statement.

(Reporting by Svea Herbst-Bayliss; Editing by Bernard Orr)