Carl Icahn is building a small stake in pharmaceutical company Allergan, Bloomberg reported Wednesday, citing sources.
The billionaire’s investment would come in addition to the 1 percent stake held by David Tepper’s Appaloosa Management. On Tuesday, Tepper said in a letter he is pushing the drugmaker to overhaul its management.
Shares of Allergan briefly rose 3 percent in after-hours trading.
“Allergan welcomes all investments in our company,” the firm said in a statement. “We maintain an active dialogue with our shareholders and value their constructive input and ideas on delivering long-term value.”
Icahn bought a big stake in Allergan in 2016 but sold out about a year later.
