“Before we increased our position, we did substantial due diligence by re-underwriting our investment in the company. In particular, we reviewed all of the short sellers’ allegations, the potential political and regulatory risks, the impact of the shutdown of Philidor, and the company’s capital structure, debt covenants, and overall financial risk,” Ackman wrote.
“Ultimately, we concluded that the risk of bankruptcy or financial distress was de minimis in light of the highly cash-flow-generative nature of the business, the minimal debt maturities over the next several years, the nature of Valeant’s financial covenants, and the highly diversified product portfolio.”
Valeant’s shares are trading at just below $120 right now, after jumping sharply in the wake of news of the Walgreens Boots deal.
If the stock “rises to $165 or more by January 2017, we will make more than 10 times our net investment over this period,” Ackman wrote.
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