Shares of pharmaceutical company Allergan are exploding in the after hours session.
The Wall Street Journal reports that activist investor Bill Ackman of Pershing Square is partnering with Valeant Pharmaceuticals to pursue a takeover of Allergan.
Ackman has built a 10% stake in the company worth $US4 billion, according to the report.
Allergan makes Botox and eye care products.
Allergan’s is up more than 19% in the after-hours session. Meanwhile, Valeant’s stock was last up about 9%.
Here’s Allergan’s trading activity today: