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Bill Miller Buys Valeant Stock on Bet It Could Double

  • `It looks like the values are there,' Miller says in interview

Legg Mason Inc.’s Bill Miller said Thursday that he’s buying shares of Valeant Pharmaceuticals International Inc., betting that the price of the embattled drugmaker could double.

If necessary, Valeant could sell some of the assets it acquired for at least 80 percent of what it paid for them, Miller said. With the proceeds in hand, the company would be able to cut its debt and the stock should rebound, he said.

Valeant shares were down 1.1 percent to $32.74 at 3:11 p.m. in New York, after falling as much as 4.7 percent earlier in the day. The stock has lost almost 90 percent of its value since...


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