Allergan deal a win for more than Ackman

Hedge fund winners in Allergan deal
Hedge fund winners in Allergan deal   

Bill Ackman isn't the only hedge fund manager who likely made big money on the Allergan deal.

Actavis announced on Monday that it will acquire Allergan for $66 billion, or $219 per share in cash and Actavis shares. The stock had been trading bear $110 earlier this year.

Read MoreActavis to buy Allergan for $66 billion

Allergan is one of the most widely held stocks by hedge funds. As of Sept. 30, some 19 percent of hedge funds owned it, according to an analysis of public holdings by data analysis company Symmetric.

The largest holder is Ackman's Pershing Square Capital Management, with $5.14 billion worth of shares (28.8 million) as of Sept. 30. The firm bought the stock at an average price of $127; at the current price, that means a more than $2 billion gain after a profit-sharing arrangement with Valeant. (Ackman had tried to buy Allergan by teaming up with Valeant earlier this year.)

Why Allergan never engaged Valeant
Why Allergan never engaged Valeant   

Other top hedge fund holders including John Paulson's Paulson & Co., Dan Och's Och-Ziff Capital Management Group, Matthew Halbower's Pentwater Capital Management and private funds controlled by money management giant BlackRock.

Top hedge funds in Allergan

Hedge fund
Years held
Value ($)
Percent of public portfolio
PERSHING SQUARE CAPITAL MGMT 0.5 5,145,870,000 38.30%
PAULSON & CO 0.25 958,163,000 4.10%
OZ MANAGEMENT LP 3 692,893,000 3.40%
PENTWATER CAPITAL MANAGEMENT 0.25 650,097,000 10.10%
BLACKROCK GROUP LTD 7 475,484,000 0.30%
VIKING GLOBAL INVESTORS LP 0.25 406,226,000 1.60%
STEADFAST CAPITAL MGMT LLC 0.25 396,441,000 7%
ETON PARK CAPITAL MANAGEMENT 0.25 299,938,000 6.10%
MASON CAPITAL MANAGEMENT LLC 0.25 264,555,000 3.30%
WESTCHESTER CAPITAL MANAGEMENT 0.25 247,565,000 4.50%
D E SHAW & COMPANY INC 5.5 197,917,000 0.40%
FARALLON CAPITAL MANAGEMENT LLC 0.25 195,118,000 3.30%
SAMLYN CAPITAL LLC 2 193,066,000 4.10%
VISIUM ASSET MANAGEMENT 1.5 179,633,000 3%
YORK CAPITAL MANAGMENT GLOBAL A 0.25 177,920,000 2.10%
Source: Symmetric analysis of 13F filing data as of Sept. 30, 2014

Jeffrey Altman's Owl Creek Asset Management opened the largest new position in the third quarter, taking a $114 million stake. Hedge funds that got in earlier than most include Och-Ziff (2011) and Jacob Gottlieb's Visium Asset Management (2013).

Read MoreAllergan agrees to $66 billion Actavis deal; Valeant walks

The exact amount of money made at each of the firms is unclear. But Allergan stock was up about 5.25 percent as of early afternoon Monday; it was already up nearly 80 percent in 2014.

"Today's transaction provides Allergan stockholders with substantial and immediate value," Allergan chairman and CEO David Pyott said in a statement. Indeed, it probably is an understatement.