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Senate Hearing Into Valeant Includes Top Hedge Fund Investor

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Senate lawmakers investigating price hikes by the embattled drugmaker Valeant Pharmaceuticals will also question one of the company’s leading investors, hedge fund manager William Ackman.

The Senate Aging Committee holds its third meeting on drug prices on Wednesday, responding to escalating costs that have squeezed patients and strained health care budgets across the country.

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The committee previously announced that it would question outgoing Valeant CEO Michael Pearson, who pioneered the company’s business model of buying cheap drugs and hiking prices.

The committee said Tuesday it will also question Ackman, a billionaire activist investor who has been one of Valeant’s leading champions on Wall Street. Ackman’s Pershing Square Capital fund holds a 9 percent stake in Valeant and two chairs on the company’s board of directors. In recent months Ackman has criticized the company’s handling of multiple issues that have pummeled its shares amid mounting controversy.

Read the full story at ABC News

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