If Valeant gets approval on a couple of drugs, which is likely even odds, or at least one drug then development spending on the drug/drugs stops and production and sales starts. Valeant then has more money coming in then going out on the drug/drugs involved. Cash flow improves. The ability to roll-over expiring debt improves. The small problem becomes an even smaller problem.
Actually Ackman had a synthetic long position expiring several months (Jan 2017 I think but could be off a little4) from now that he had created by selling puts and buying calls. He bought the puts back and sold the calls to close out the long position at a loss. Then he created a new synthetic long by selling puts expiring in 2019 and buying calls also expiring in 2019. Not a big deal, he just spent a small amount of money to tack a couple of years onto the synthetic long's expiration date.
Take it easy on the coin man. About a week ago he told us he had submitted an article to SA on VRX. It should be out any minute now and when it comes out we will be astounded to see such intelligence revealed.