Carl Icahn has reportedly taken a stake in Bristol-Myers and its shares are jumping

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.

More to come …

NOW WATCH: A Navy SEAL explains what to do if you’re attacked by a dog

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.