Valeant Shares Up 2.8% As Pershing Discloses 4.9% Stake

Valeant Pharmaceuticals International Inc. shares rose 2.8% in afternoon trade Monday, after Pershing Square Holdings Ltd. said it has acquired 16.5 million shares of Valeant, equal to a 4.9% stake. PQH, the publicly-listed entity for funds run by hedge fund manager Bill Ackman, said the stake represents roughly 16.9% of the Pershing Square Holdings portfolio, based on its closing net asset value and Valeant's closing share price on Friday, March 6.