Deals
Icahn Takes ‘Large Position’ in Allergan
- Allergan says doesn’t believe investor to take activist role
- Size of stake not disclosed; Allergan shares gain in New York
Carl Icahn Takes Large Position in Allergan
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Billionaire investor Carl Icahn said he has taken a “large position” in Allergan Plc, backing Chief Executive Officer Brent Saunders in what the drugmaker said it doesn’t believe will be an activist role.
In 2013, Icahn helped place Saunders in the top spot at Forest Laboratories -- which less than a year later was bought by what’s now Allergan. Icahn said he’s “very supportive” of Saunders, who eventually joined Allergan and helped orchestrate a planned $160 billion acquisition by Pfizer Inc. That deal fell apart after the U.S. government proposed tax rules that would have decreased the benefit of the acquisition.