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T. Rowe Price buys more Allergan

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T. Rowe Price buys more Allergan

T. Rowe Price buys more Allergan

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T. Rowe Price Group Inc., the Baltimore-based money manager, was among investors buying increased stakes in pharmaceutical company Allergan in the last quarter, according to Securities and Exchange Commission filings reported by Bloomberg News. T. Rowe Price, which has taken activist positions in recent years, more than doubled its Allergan stake during the quarter to 15.9 million shares valued at $2.7 billion, as of June 30. Allergan, maker of Botox, is facing a hostile takeover bid by Valeant Pharmaceuticals International Inc. and hedge-fund manager Bill Ackman.

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