Ackman's Pershing Square exits ailing investment in Valeant

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)