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Grantham's GMO More Than Quadrupled Valeant Stake in Quarter

Grantham Mayo Van Otterloo & Co., known for the bearish views of founder Jeremy Grantham, more than quadrupled its holdings of Valeant Pharmaceutical International Inc. in the third quarter.

Boston-based GMO added 6.5 million shares of Valeant, bringing its total stake to 8.2 million shares, according to a regulatory filing. Grantham’s stake in the drug company, which was the firm’s largest U.S. stock holding as of Sept. 30, was valued at $1.46 billion.

Valeant is down 59 percent since the end of the third quarter and more than 70 percent since reaching a peak in August, as politicians questioned its drug-price increases and a short-seller accused the firm of inflating sales. The stock has proved to be a costly trap...