Valeant loses major shareholder

According to FiercePharma, Ruane, Cunniff & Goldfarb, manager of Sequoia Fund, once Valeant’s largest investor, sold its stake last month after sustaining major losses due to an 80 per cent decline in the pharmaceutical company’s performance.Valeant has reportedly been on a downward spiral, battling ‘channel-stuffing’ allegations in addition to a drug-pricing controversy – and taking Sequoia with it.Sequoia, which first bought into the company in 2010, was said to have suffered a 7.3 per cent loss last year as a result of Valeant’s decline, leading to the retirent of former chief executive officer Mr Robert Goldfarb and a lawsuit, filed in January by investors who claimed Sequoia recklessly took a huge stake in Valeant. The losses reportedly continued in the first half of this year, with Sequoia said to have lost more than 13 per cent.On top of the aforentioned probls, Valeant was also said to be dealing with debt-default worries and a distribution deal that was hurting sales – issues which company CEO Mr Joseph Papa assured he was working to correct.