Shares of health-care companies rose as one big investor endorsed one of the hardest hit companies during the recent retreat from the sector. Hedge-fund billionaire John Paulson joined the board of Valeant Pharmaceuticals International, a sign that the investor remains bullish on the drugmaker's prospects despite the rout in Valeant's shares over the last year. The specialty drugmaker came under pressure after allegations of accounting improprieties and lost the support of some big institutional holders, such as William Ackman's Pershing Square. Medical-test maker PerkinElmer said it would buy a German medical-diagnostics company Euroimmun Medical Laboratory Diagnostics for $1.3 billion, expanding its reach into autoimmune and allergy testing.
-Rob Curran, firstname.lastname@example.org