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The disclosure comes a week after billionaire investor John Paulson, whose hedge fund firm is the biggest owner of Valeant, joined the company's board as it restructures to repay debt.
The hedge fund had a 5.7 percent stake in Valeant as of March 31. (bit.ly/2rUDJGQ)
Paulson & Co has suffered heavy losses as Valeant's stock price plummeted some 96 percent since mid-2015 after the drugmaker became embroiled in an accounting scandal and was investigated for hefty price hikes.
In March, ValueAct Capital also raised its stake in Valeant, making it the second-biggest stakeholder in the company, days after Valeant's largest shareholder Pershing Square Capital Management sold out of the stock.
Reporting by Divya Grover in Bengaluru; Edited by Martina D'Couto