Don’t be discouraged if you have trouble determining Valeant Pharmaceuticals International Inc.’s true value. The drug maker’s acquisition pace makes it almost impossible to peg.
Since Valeant tied up with Biovail Corp. in 2010, the company has embarked on an ambitious acquisition spree, striking 21 deals worth more than $14-billion in a little over three years. Every time shareholders get a chance to catch a breather and assess the future, management goes hunting again. Now the executive team wants to team up with Bill Ackman on a brand new $47-billion deal.