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BioMarin Pharma gains on report Elliott has a stake

Published 11/07/2023, 10:26 PM
Updated 11/07/2023, 10:26 PM
© Reuters.

Activist investor Elliott Investment Management has acquired a stake in BioMarin Pharmaceutical (NASDAQ:BMRN), 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:CTLT), 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:ALXN) Pharma and Allergan (NYSE:AGN).

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