What Carl Icahn Is Up To At Allergan – AGN
Carl Icahn has circled back around to pharma — and more importantly Brent Saunders, whom he installed as the Forest Labs CEO in 2013.
Don’t forget the new billing feature – easy sign up for our premium goods. Choose how you pay and when.
Saunders got Forest Labs sold. Icahn made some $2 billion on that deal. Now, it’s not likely Allergan gets sold, but there’s certainly the possibility for M&A — or buybacks. The Icahn and Saunders history dates pre-2013, going back to years before that.
Icahn waged a proxy battle at Forest Labs looking to overthrow management. Forest put Saunders on the board as a director to help fight Icahn. The next year Icahn waged another proxy battle, getting one director nominated. Then CEO Howard Solomon and Icahn traded blows heading into a third proxy battle, but the two settled as Icahn got a board seat and Solomon stepped down. Saunders was inserted as CEO.
And Saunders and Allergan have ties. Actavis bought Forest Labs for $25 billion in 2014. By the end of that year, Actavis bought Allergan for $70 billion.
Allergan – Icahn needs to spend a LOT to reach 5 percent
Icahn would need a sizable $5 billion stake to get to owning 5% at Allergan. Not that Icahn doesn’t have the funds, especially after downsizing the Apple position last quarter.
Get the goods now, pay later with the new billing feature for our premium goods. Get a paper or email invoice and choose how you pay, whether it be by check, card or soft dollars.