Bill Ackman
Courtesy of Adam Jeffery/CNBC
On Wednesday, Bill Ackman held a quarterly conference call for investors in his fund, Pershing Square.
And since his private funds are down 14% year to date and Pershing Square Holdings is down 18%, he didn’t have that much good news to share.
Except for one thing: a new psoriasis drug from Valeant Pharmaceuticals called brodalumab. A Food and Drug Administration advisory panel recently recommended the drug be approved.
This was a “big week for the company in terms of drug developments,” Ackman said, lauding the company for having one of the “most productive R&D developments of any company in the country.”
can you get a girl interested again‘ll recall that Valeant’s low R&D spending and high drug prices, combined with accusations of malfeasance from a short seller, has brought the stock down around 90% since October.