Activist investor Carl Icahn has taken a stake in Bristol-Myers Squibb Co (BMY.N), the Wall Street Journal reported, citing people familiar with the matter.
Icahn sees the drugmaker as a possible takeover target, the Journal said. The size of the stake was unclear, the paper reported.
The company's shares spiked as much as 4.8 percent to $57.21 in late-afternoon trading on Tuesday.
Earlier in the day, Bristol-Myers said it added three directors to its board in an agreement with JANA Partners LLC, an activist investor holding less than 1 percent of the company's stock.
(Reporting by Divya Grover in Bengaluru; Editing by Sriraj Kalluvila)