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This Billionaire Just Made a Big Investment in Botox

Published: May 31, 2016 1 min read

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Valeant Offers to Buy Allergan With Pershing's Support
A vial of Allergan Inc. Botox cosmetic and a syringe are arranged for a photograph at the offices of Marcus Facial Plastic Surgery in Redondo Beach, California, U.S., on Tuesday, April 22, 2014.
Bloomberg via Getty Images

Billionaire investor Carl Icahn said on Tuesday he had acquired a "large position" in Botox-maker Allergan Plc and that he was very supportive of CEO Brent Saunders.

Shares of Allergan rose 2.6% to $242 in early trading.

Icahn, who did not disclose details of the stake, said he was confident in Saunders' ability to enhance value for all Allergan shareholders.

Icahn, who launched a $150 million political action committee advocating tax reform to eliminate inversions, was firmly against the now terminated Pfizer-Allergan deal, saying it would result in the loss of the country's 10th largest company to Ireland.