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John Paulson Hedge-Fund Firm Builds $1 Billion Stake in Allergan

WSJ – John Paulson’s hedge-fund firm Paulson & Co. has built a $1 billion stake in Allergan Inc. and supports a takeover of the Botox maker by Valeant Pharmaceuticals International Inc., according to a person familiar with the matter.

Paulson’s position is a boost to Valeant and its partner in the hostile bid, activist investor William Ackman. Valeant and Mr. Ackman’s Pershing Square Capital Management LP are currently seeking shareholder support to call a special meeting, at which they hope to replace a majority of Allergan’s board with nominees friendlier to a deal.

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