Allergan on the Acquisition Hunt

The Wall Street Journal is reporting that Allergan

is potentially looking at Salix Pharmaceuticals

and at least one additional company about an acquisition as Allergan looks to fight off a hostile takeover bid from Valeant Pharmaceuticals

. Shares of Salix Pharmaceuticals exploded higher on the news, jumping from 139.50 before the news to briefly over 154 after the story broke. Presently the shares are trading up 9.62 percent at 152.52. Shares of Jazz Pharamaceuticals

moved in sympathy on the news, trading higher by 3 percent.