Activist investor Bill Ackman, who runs Pershing Square Capital, has taken a huge stake in animal health company Zoetis, the Wall Street Journal reports citing unnamed sources familiar with the investment.
Shares of Zoetis (ZTS) rose 8.86%, or $3.56, to end the day at $43.72 per share. The stock was last up in the late session.
Ackman's position is worth about $2 billion. It's about a 10% stake, the Wall Street Journal report said.
According to the Journal, Ackman might push for Zoetis to be acquired by pharmaceutical company Valeant.
Valeant and Ackman teamed up earlier this year to pursue a takeover of Botox-maker Allergan in stock and cash. So far, Allergan has rejected Pershing Square's/Valeant's cash-and-stock bids for the company.
Here's a chart of Zoetis:
