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Inside the Trade: What Bill Ackman Sees in Valeant and Allergan

The Pershing Square activist has avoided investing in drugmakers before, but he and Valeant CEO Michael Pearson understand each other

When William Ackman took the stage at the AXA Equitable Auditorium in Midtown Manhattan on April 22, investors were still digesting the news that his firm, Pershing Square Capital Management, had amassed a 9.7 percent stake in Allergan, an Irvine, California–based specialty pharmaceuticals company. But Ackman’s two- hour, 110-slide PowerPoint

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