Deals and IPOs

Valeant and Allergan a 'perfect match': Shareholder

Allergan, Valeant perfect match: CEO

One of Valeant's top shareholders on Tuesday threw his support behind its proposed takeover bid with a high-profile activist investor for Botox-maker Allergan.

"Allergan and Valeant are a perfect match," said hedge fund manager Jeffrey Ubben in an interview with CNBC. "We think it's a really, really powerful combination."

Ubben, the founder and chief executive officer of ValueAct Capital, is one of Valeant Pharmaceuticals' largest shareholders. As of December 2013, he owned a $2.3 billion stake in the drug company, making it the second-biggest investment in his portfolio at 18.2 percent.

The proposed takeover, if successful, would make Valeant the top company in dermatology and aesthetic pharmaceutical products, Ubben said. It would put Valeant just behind Novartis' Alcon in eye care products, Ubben said.

Read MoreValeant, Ackman propose deal with Allergan

Speaking during an interview on CNBC's "Squawk on the Street," Ubben's comments come a day after activist investor Bill Ackman and Valeant revealed they were teaming up on a $45.6 billion bid for Allergan.

Before disclosing he was working with Valeant on the takeover bid, Ackman became Allergan's biggest shareholder, taking a 9.7 percent stake in the company.

—By CNBC's Jeff Morganteen. The Associated Press contributed to this report.