Carl Icahn Gives In To Botox By Buying Stake In Allergan (NYSE: ACT)

Just a decade after it initially hit the market, Botox is one of the most popular cosmetic medical procedure in the United States.

Celebrities and the wealthy have poured a lot of money into the procedure to look young and now activist investor Carl Icahn is betting on it.

Icahn just announced that he has bought a “large” stake of Allergan, the Botox maker. Icahn also noted that he’s supportive of the company’s CEO, Brent Saunders. The amount of shares he purchased hasn’t been disclosed.

On his website, Icahn remarked, “We have every confidence in Brent’s ability to enhance value for all Allergan shareholders.”

Allergan acknowledged the investment on Tuesday and commented that they have “no reason to believe” that Icahn wants to influence management or control the company.

Though the news gave Allergan PLC shares a jump in price in afternoon trading on Tuesday, shares are still down 23 percent over the past year. Allergan and U.S. drugmaker Pfizer trashed plans last month to combine in a $160 billion deal after the Treasury Department created rules aimed at blocking American companies from moving corporate addresses overseas to reduce U.S. taxes.

Disclaimer: We have no position in Allergan PLC (NYSE: ACT) and have not been compensated for this article.