Allergan plc Ordinary Shares (AGN) stock was up on Tuesday after news that Carl Icahn had taken a stake in the company.
Carl Icahn didn’t reveal how much of a stake he has taken in Allergan, but he did say that it was a “large” one. He said he holds great respect for AGN CEO Brent Saunders and mentioned that he helped him become CEO of Forest Labs, which later became part of Allergan.
AGN said it doesn’t believe that Carl Icahn took a position in it to try and control its management. The new stake in the company comes a couple of months after it failed to merge with rival Pfizer Inc. (PFE) due to restrictions from the Obama administration, reports CNBC.
Carl Icahn has stood against deals like the one being that was being made between Allergan and Pfizer. He said it would have resulted in the loss of the United States 10th largest business to Ireland, Reuters notes.
AGN shares were up slightly as of Tuesday morning.
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