Allergan Inc. AGN +0.34% has adopted a poison-pill defense in the wake of an unfriendly advance from larger rival Valeant Pharmaceuticals International Inc. VRX -1.75% , which has teamed with activist investor William Ackman to make a $46 billion bid for the Botox maker. If any unapproved investor acquires 10% or more of Allergan’s stock, other stockholders will have the right to buy discounted shares, Allergan said late Tuesday. The defense mechanism, officially known as a shareholder rights plan, effectively prevents Ackman, who disclosed a 9.7% stake in the company on Monday, from significantly growing his position
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