Carl Icahn says he recently acquired a ‘large position’ in Allergan

Carl Icahn

David Grogan | CNBC
Carl Icahn

Shares of Allergan rose Tuesday after Carl Icahn revealed a “large position” in the pharmaceutical company.

The stock initially jumped 3 percent after the premarket announcement, but was up about 1.5 percent in early trading.

The activist investor expressed support for Allergan CEO Brent Saunders.

“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,” Icahn said on his website. “Less than a year later Forest was acquired by Actavis (which subsequently merged with Allergan) resulting in massive gains for Forest shareholders. While we at that time disposed of our position in Forest, we still have always maintained great respect for Brent.”

Allergan did not immediately respond to CNBC’s request for comment.

Ireland-based Allergan shares have lost 24.5 percent this year amid a failed merger agreement with rival Pfizer. The $160 billion deal was opposed by the Obama administration.

Click here for the latest on the markets.

— Reporting by CNBC’s Steven Kopack and Jim Forkin.

This entry was posted in Business, Investing. Bookmark the permalink.

Leave a Reply