market folly

John Paulson's hedge fund firm Paulson & Co has filed a 13D with the SEC regarding shares of Valeant Pharmaceuticals (VRX).  Per the filing, Paulson now owns 6.3% of VRX with over 21.81 million shares.

This marks an increase of 2.42 million shares since the end of the first quarter when they owned 19.38 million VRX shares. 

Per the 13D filing, Paulson & Co bought 2.71 million shares at a weighted average price of $13.7080 on May 11th.  They then sold 137,000 shares on June 8th at $13.2914.

The filing also notes that on June 14th, John Paulson was appointed to the board of directors.

Per Google Finance, Valeant Pharmaceuticals is "a pharmaceutical and medical device company. The Company is engaged in developing and marketing a range of branded, generic and branded generic pharmaceuticals, over-the-counter (OTC) products, and medical devices (contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetics devices). It operates through two segments: Developed markets and Emerging markets. In the Developed Markets segment, it focuses on the areas of dermatology, neurology, gastrointestinal disorders, and eye health therapeutic classes. In the Emerging Markets segment, it focuses on primarily on branded generics, OTC products and medical devices. Its pharmaceutical products include Xifaxan, Solodyn and Glumetza. Its OTC products include PreserVision, Biotrue and Boston. Its other generic products include Latanoprost and Metronidazole. Its ophthalmic surgical products include intraocular lenses, such as Akreos, enVista, Crystalens and Trulign."