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Enterprise & FinanceOffers
07 November 2023, 5:23 pm 1 minute
Reuters solely reported that Activist investor Elliott Funding Administration has constructed a stake in BioMarin Pharmaceutical (BMRN.O) and has been in discussions with the biotechnology firm for months about its future. The hedge fund, which oversees some $60 billion in property, has spent over $1 billion on the stake in BioMarin, which focuses on uncommon genetic issues and is valued at about $16 billion.
Market Influence
BioMarin shares rose 12% to $85.36 on the information in morning buying and selling in New York on Tuesday. Previous to information of Elliott’s engagement, BioMarin shares had been down 24% year-to-date, considerably underperforming the iShares Biotechnology ETF (IBB.O), which is down 8.6%.
Article Tags
Matters of Curiosity: Enterprise & FinanceOffers
Kind: Reuters Greatest
Sectors: Enterprise & FinanceMergers & AcquisitionPrescribed drugs & Healthcare
Areas: Americas
International locations: US
Win Varieties: Exclusivity
Story Varieties: Unique / Scoop
Media Varieties: Textual content
Buyer Influence: Vital Nationwide Story
