Elliot Advisors, a Hedge Fund, has told Actelion's management that it should not try to maintain its independence but should be seeking buyers for the company. Amgen has been rumored for several months to be looming in the background to acquire Actelion to provide it an better position in CVS markets. The fund controls 6% of Actelion stock.
Elliot Advisors also called for the resignation of Actelion's chairman and for its CEO to resign from the board. If that weren't enough, GSK just pulled the plug on its joint development project with Actelion for an insomnia drug (almorexant).
Actelion's CEO, Jean-Paul Clozel still seems to be clinging to the prospect that Actelion will remain an independent company in spite of any pressure or adversity. See Fierce Biotech.
Posted by Bruce Lehr Feb 5th 2011.
the statement made by Elliot Advisors is truly remarkable, the company Actelion should be seeking buyers for the company.
he took the initiative to tell it to Jean-Paul Clozel.
Oh boy this man has guts!! :)
kindest,
austin
Posted by: bridgewater hedge fund | 09/07/2011 at 03:23 PM
Fierce Biotech reports (Feb 8th) that Elliot Advisors continues to push Actelion Mgmt to open negotiations to sell
http://www.fiercebiotech.com/story/hedge-fund-pushes-actelion-open-ma/2011-02-08?utm_medium=rss&utm_source=rss
Posted by: bigredbruce | 02/08/2011 at 11:39 AM