Allergan Gains as Ackman Reported to Team With Valeant on Bid

Allergan Inc., the maker of the Botox wrinkle treatment, gained 12 percent in extended trading after a media report that New York hedge fund manager Bill Ackman and Valeant Pharmaceuticals International Inc. are teaming to bid on the drugmaker.

Ackman’s Pershing Square Capital Management LP has acquired about a 10 percent stake in the Irvine, California-based company, the Wall Street Journal reported. Allergan increased to $159 at 4:40 p.m. New York time after gaining 6 percent to close at $142.

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