An apparatus for controlling fluid flow in a wellbore may include a valve disposed along a drill string. The valve includes a valve body having an internal chamber, a plurality of ports formed in the valve body, a ball disposed in the internal chamber, and an actuator operatively connected to the ball. The ball includes at least one flow bore. The actuator shifts the ball into at least a first position wherein the flow bore is in fluid communication with at least two of the plurality of ports, and a second position wherein the flow bore is isolated from at least one of the plurality of ports. A related method includes conveying a drill string having the above-described valve along the wellbore and controlling a flow of fluid by shifting the ball using the actuator.