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.

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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.

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