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Hedge-Fund Manager John Paulson Joins Valeant Board

Hedge-fund billionaire John Paulson has joined the board of Valeant Pharmaceuticals International Inc., a sign that the investor remains bullish on the drugmaker’s prospects despite accruing steep losses on investments in the firm.

Mr. Paulson has been one of the largest shareholders in the company for several years, betting early that consolidation in the pharmaceutical industry would accelerate. But a series of scandals at Valeant over its accounting practices and drug pricing have battered the company’s stock, causing…

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