Valeant Reveals Sale Of Shares Held By Goldman Sachs As Collateral To Loan

(RTTNews) - Valeant Pharmaceuticals International, Inc. (VRX, VRX.TO) Friday said 1,297,399 shares pledged to Goldman Sachs as collateral for loans extended to its Chairman and CEO Michael Pearson was sold by Goldman on Thursday.

Pearson has received a loan of around $100 million and with his permission Goldman Sachs sold the shares it held as collateral in satisfaction of the loans, Valeant said in a statement.

Pearson noted that "Since joining Valeant, I have not sold any shares provided to me as compensation, and it was not my desire that shares be sold now. He added that "I have complete confidence in Valeant's ability to move forward and continue meeting our commitments to patients, doctors, and shareholders."