Carl Icahn says he bought a stake in Botox-maker Allergan

AP News
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Posted: May 31, 2016 2:18 PM

NEW YORK (AP) — Activist investor Carl Icahn says he bought a "large" stake in Botox-maker Allergan and said he's supportive of the company's CEO, Brent Saunders.

Icahn did not disclose how much of a stake he bought.

"We have every confidence in Brent's ability to enhance value for all Allergan shareholders," Icahn said on his website .

Allergan acknowledged the investment Tuesday and said that it has "no reason to believe" that Icahn wants to influence management or control the company.

The investment comes more than a month after the Irish company and U.S. drugmaker Pfizer scrapped plans to combine in a $160 billion deal. The tie-up was killed after the Treasury Department created rules aimed at blocking American companies from moving corporate addresses overseas to reduce U.S. taxes.

Shares of Allergan PLC rose 9 cents to $236.03 in afternoon trading Tuesday. They had risen to $242.35 earlier in the day. Allergan shares are down 23 percent over the past year.