William Ackman’s Pershing Square Capital Management LP has sold its stake in struggling drugmaker Valeant Pharmaceuticals International Inc., whose stock plunged after questions were raised about its business and accounting practices. 

Mr. Ackman and Stephen Fraidin, Pershing Square’s vice chairman, will leave the company’s board following its next annual meeting. 

It isn’t clear when Pershing Square sold its 8% stake, which would be worth about $330 million at today’s prices. The stock has fallen more than 95% since August 2015. 

Valeant was once Pershing Square’s largest single investment, but the stock’s steep slide has made it a much smaller part of the fund. 

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Yet the investment was taking up considerable time and resources, Pershing Square said Monday. Pershing Square had worked with Valeant to reshape its board of directors, hire a new chief executive and chief financial officer and sell assets. 

CNBC earlier reported that Pershing Square had sold its stake in Valeant. 

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Write to David Benoit at david.benoit@wsj.com

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