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Activist William Ackman, Valeant Investor, Tries Life as an Inside Man

After firing Valeant’s CEO, the investor has been defending the embattled drug company from outside critics

By

Valeant Pharmaceuticals International Inc. Chief Executive Michael Pearson was wrestling with a lot of problems in mid-March, but activist investor William Ackman wasn’t one of them.

The two men had remained allies even after the drug company’s slumping stock had dropped 51% on a single day, March 15. Mr. Ackman, a big Valeant investor, demanded to talk with the company’s directors. He insisted bankruptcy was a possibility and...

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