Valeant shares down sharply
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Shares of Valeant Pharmaceuticals International fell the most in five months as the Costa Mesa drug developer regroups after its president quit last month.
Valeant reported April 1 that its president, Charles J. Bramlage, quit in late March and that it couldn’t estimate the costs of a planned restructuring, which includes firings and asset sales.
The price fell $1.12, or 8.3%, to $12.44 a share, and earlier declined 10%.
Valeant also fell in early November after third-quarter earnings missed estimates. The number of shares traded nearly tripled to 3.33 million, compared with a three-month average of 1.17 million.
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