© Reuters. BioMarin Pharma (BMRN) gains on report Elliott has a stake
Activist investor Elliott Investment Management has acquired a stake in BioMarin Pharmaceutical (NASDAQ:), according to Reuters.
The hedge fund has engaged in discussions with the biotechnology company regarding its future. Elliott, which is overseeing approximately $60 billion in assets, invested over $1 billion in BioMarin, the report added.
BioMarin’s market cap stood at $14.34 billion through Monday’s close.
BioMarin’s shares have seen a 24% decline year-to-date, significantly underperforming the iShares Biotechnology ETF, which has a decrease of 8.6%. Shares added 9.5 in early Tuesday trade on Reuters’ reporting.
Elliott has previously targeted healthcare companies like Catalent (NYSE:), where it secured board seats in August, and Syneos, participating in a consortium that privatized the company this year.
The activist investor has also been successful in advocating for the sale of pharmaceutical companies like Alexion (NASDAQ:) Pharma and Allergan (NYSE:).
