William Ackman's Pershing Square Capital Management LP disclosed a boosted 9.9% stake in Valeant Pharmaceuticals International Inc., a move that comes after the hedge-fund manager said he had taken advantage of the beaten-down market for the stock to build up his position.

Mr. Ackman has vigorously defended his multibillion-dollar investment in the pharmaceutical company, which has come under siege over its accounting and sales tactics.

Pershing Square's latest acquisitions are primarily shares underlying call options. The fund bought 2.1 million common shares and call options tied to 12.5 million shares for a total of about $475 million. It also sold options, garnering $169 million.

The fund now beneficially owns 34.1 million shares, which include 21.6 million common shares and 12.5 million shares underlying options.

Mr. Ackman told CNBC in late October that he had bought the 2 million shares, a vote of confidence in the company as its shares declined.

Valeant shares rose 3% to $89.99 after hours. The stock traded above $260 in early August.

Write to Lauren Pollock at lauren.pollock@wsj.com

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(END) Dow Jones Newswires

November 23, 2015 18:05 ET (23:05 GMT)

Copyright (c) 2015 Dow Jones & Company, Inc.
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