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Friday, May 2, 2014

Pershing Square sits on hefty gains in Allergan bet, (NYSE: AGN)

William Ackman's Pershing Square Capital Management is already sitting on a $1.2 billion gain above his trading costs on his bet on Botox-maker Allergan Inc , according to a filing made on Friday.Allergan shares are now trading about 34 percent above Pershing Square's average trading costs per share, according to U.S. regulatory filings.Ackman, one of the hedge fund industry's most widely watched investors, has acquired 28.9 million shares of Allergan, mostly through call option exercises and forward purchase contracts.The gain cements a dramatic comeback for Ackman and his $13.6 billion fund after a bruising 2013 where losses on J.C. Penney and Herbalife weighed on returns.

Allergan, Inc. is a multi-specialty health care Company focused on developing and commercializing pharmaceuticals, biologics, medical devices and over-the-counter products. Shares of AGN traded higher by 0.44% or $0.75/share to $169.44. In the past year, the shares have traded as low as $81.33 and as high as $170.05. On average, 3930020 shares of AGN exchange hands on a given day and today's volume is recorded at 1582499.