Icahn buys stake in drugmaker Allergan

NEW YORK: Billionaire investor Carl Icahn has acquired a stake in Allergan Plc at a time when the drugmaker is under pressure from other activist shareholders, people familiar with the matter said on Wednesday. Icahn’s intentions are not clear, though he has been a longtime supporter of Allergan Chief Executive Brent Saunders, pushing for him in 2013 to become CEO of Forest Laboratories, which through mergers and acquisitions became Allergan. Icahn, who had invested in Allergan in the past, believes the company’s stock is undervalued, the sources said, asking not to be identified. — Reuters