How could you make a Bris­tol-My­ers takeover work with­out shred­ding a $5B R&D di­vi­sion?

When Carl Ic­ahn bought in­to Al­ler­gan last May, the com­bat­ive ac­tivist in­vestor im­me­di­ate­ly put out a state­ment that put him square­ly in the Brent Saun­ders fan club. Al­ler­gan $AGN CEO Saun­ders had made mon­ey for Ic­ahn be­fore, when the ac­tivist helped bring him in­to For­est Labs as he was push­ing that com­pa­ny to make some big changes. And Ic­ahn felt that he would con­tin­ue to make mon­ey at Al­ler­gan.

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