Carl Icahn has reportedly taken a stake in Bristol-Myers and its shares are jumping

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Brendan McDermid/Reuters

Billionaire Carl Icahn has taken a stake in the pharmaceutical company Bristol-Myers and sees it as a possible takeover target, according to The Wall Street Journal.

Bristol-Myers shares gained as much as 5% in late trading on Tuesday after the news crossed.

Bristol-Myers announced earlier Tuesday an expanded share-buyback program, and named three new board members, following pressure from activist investor Jana Partners. The companies had been in talks since Jana Partners became a shareholder in the fourth quarter, Bristol-Myers said.

Icahn sees value in the company’s pipeline of drugs which currently includes treatments for heart diseases and cancer, the report said.

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Markets Insider