Activist investor Elliott targets drugmaker BioMarin  | Reuters News Agency

Business & FinanceDeals

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

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