Icahn Takes Stake in Allergan
May 31 2016 - 10:30AM
Dow Jones News
Activist investor Carl Icahn on Tuesday said he has taken a
"large position" in Allergan PLC and threw his support behind the
pharmaceutical company's chief executive, Brent Saunders.
Shares added 2% to $240 shortly after market open.
The size of the stake wasn't immediately available.
"We were instrumental in bringing Brent on board as the new CEO
of Forest Labs a few years ago and worked cooperatively and
constructively with him to help increase value for all Forest
shareholders," Mr. Icahn said in a statement on his website.
Forest was later acquired by Actavis, which then merged with
Allergan. "While we at that time disposed of our position in
Forest, we still have always maintained great respect for Brent,"
Mr. Icahn said.
Allergan and Pfizer Inc. in April terminated their planned $150
billion merger after the Obama administration took aim at the deal
that would have moved the biggest drug company in the U.S. to
Ireland to lower its taxes.
Mr. Saunders at the time criticized new Treasury Department
rules that scuttled the tie-up with Pfizer as "un-American" and
"capricious."
Write to Anne Steele at Anne.Steele@wsj.com
(END) Dow Jones Newswires
May 31, 2016 10:15 ET (14:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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