Business & FinanceDeals
07 November 2023, 5:23 pm 1 minute
Reuters exclusively reported that Activist investor Elliott Investment Management has built a stake in BioMarin Pharmaceutical (BMRN.O) and has been in discussions with the biotechnology company for months about its future. The hedge fund, which oversees some $60 billion in assets, has spent over $1 billion on the stake in BioMarin, which focuses on rare genetic disorders and is valued at about $16 billion.
Market Impact
BioMarin shares rose 12% to $85.36 on the news in morning trading in New York on Tuesday. Prior to news of Elliott’s engagement, BioMarin shares were down 24% year-to-date, significantly underperforming the iShares Biotechnology ETF (IBB.O), which is down 8.6%.
Article Tags
Topics of Interest: Business & FinanceDeals
Type: Reuters Best
Sectors: Business & FinanceMergers & AcquisitionPharmaceuticals & Healthcare
Regions: Americas
Countries: US
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story