GSK Jumps On Report Elliott Has Built Up Multibillion-Pound Stake In Firm

© Reuters.

By Dhirendra Tripathi – Shares of GlaxoSmithKline (NYSE:) were higher by 6% in Thursday’s premarket following a report by Financial Times that hedge fund Elliott Management has built up a multibillion-pound stake in the pharma giant.

The news has sent the shares soaring after three years under the stewardship of Emma Walmsley, in which the shares have steadily underperformed vis-a-vis major rivals such as AstraZeneca (NASDAQ:) and Pfizer (NYSE:) 

Walmsley last year unveiled plans to break up the company by separating the consumer health business from its pharma and vaccine division, which has failed to deliver in the race to find a treatment for Covid-19.

The FT didn’t report any details of what changes Elliott, known for its activism, might press for.

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