The billionaire US investor Carl Icahn said on Tuesday he had bought a big stake in Dublin-based Botox-maker Allergan.
Icahn, who little more than a month ago ditched his entire stake in Apple, did not disclose the extent of his purchase but said he had “acquired a large position”. He announced his investment on Twitter expressing support for Allergan’s chief executive, Brent Saunders.
Icahn targets companies he believes are undervalued. On his Twitter feed he says: “Some people get rich studying artificial intelligence. Me, I make money studying natural stupidity.”
Allergan said it had “no reason to believe” Icahn wants to influence management or control the company.
The investment comes after the Irish company and US drugmaker Pfizer scrapped plans to combine in a $160bn deal, after the US Treasury Department created rules aimed at blocking American companies from moving corporate addresses overseas to reduce their domestic tax bills.
Icahn sold his Apple stake after the company announced its first decline in quarterly sales for 13 years.
