Billionaire Carl Icahn has taken a stake in the pharmaceutical company Bristol-Myers, according to the Wall Street Journal.
Bristol-Myers shares gained as much as 5% in late trading on Tuesday after the news crossed.
Bristol-Myers announced earlier Tuesday that it would increase share buybacks, and named three new board members, following pressure from activist investor Jana Partners. The companies had been in talks since Jana Partners became a shareholder in the fourth quarter, Bristol-Myers said.
Icahn sees value in the company’s pipeline of drugs, which currently includes treatments for heart disease.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.