Bill Miller, chairman & CIO of LMM, said he's optimistic about the future of Valeant Pharmaceuticals.
Speaking with CNBC's "Closing Bell" on Friday, he acknowledged it is "probably the most toxic name in the market," but he said the troubled pharmaceutical company should be worth about double its current trading price.
"It's worth at least $60 and we can get significantly higher prices depending on what happens in the business in the next couple of years," Miller said. The stock closed Friday at about $32 per share.
The Canada-based drug maker has been struggling after its stock dropped more than 80 percent since August as a result of high drug prices and a controversial relationship with a specialty pharmacy, which drew criticism in the political sphere.