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After a year of misery, Bill Ackman finally is having a pretty good month.
The head of the Pershing Square Capital Management hedge fund got some more good news Tuesday: Valeant shares surged on news that the company had received unsolicited offers for its core assets. In addition, the pharmaceutical firm earlier in the day reaffirmed its optimistic full-year guidance despite missing earnings expectations.
Traders scooped up Valeant shares following the developments, boosting them more than 23 percent in afternoon trading. In rough numbers, that nets Ackman a profit of $113.4 million, based on the 22.6 million shares Pershing owns.
Pershing is the company's largest shareholder, with 6.33 percent of shares outstanding, according to S&P Capital IQ.
Ackman initially plucked down $3.3 billion on Valeant and increased his stake along the way for an investment that is now worth just $485 million.
That's as far as the good news goes, though, for the $11.9 billion fund.
Pershing is down 19 percent for the year, according to company documents, due in good part to an otherwise dismal run by Valeant, which has been dogged with problems since the collapse of a deal in which it would have merged with Allergan.
Shares in Valeant are down about 73 percent in 2016 and 89 percent over the past year. The company has faced intense criticism for massive price increases on certain drugs, and its unorthodox use of a specialty pharmacy.