Shares of Bausch Health Companies Inc. /zigman2/quotes/207248436/composite BHC -0.55% surged 2.9% toward a five-year high in premarket trading Wednesday, after the pharmaceuticals and medical devices company said it reached an agreement with billionaire activist investor Carl Icahn, and will add two of his nominees to its board of directors. The Icahn Group owns about 7.83% of the Bausch Health's shares outstanding. The company said it will appoint Brett Icahn and Steven Miller, portfolio managers at Icahn Capital LP, to its board as new independent directors. "Our new colleagues bring a wealth of transaction experience to our Board, which will serve us well as we continue to execute on our strategic priorities, including our previously announced intention to spin off our leading eye health business," said Bausch Health Chief Executive Joseph Papa. The stock, on track to open at the highest price seen during regular-session hours since May 2016, has run up 64.1% over the past three months through Tuesday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.59% has gained 6.8%.