Activist investor grabs a multibillion-pound stake in GlaxoSmithKline, triggering buzz about a looming showdown at the listless giant
Murmurs of investors’ growing unease about GlaxoSmithKline’s struggling revival strategy spilled out into the public on Thursday as the Financial Times reported that activist hedge fund Elliott Management has built up a multibillion-pound stake in the pharma giant, portending a high profile showdown over CEO Emma Walmsley’s reign.
Shares had been down 14% since Walmsley became CEO and brought in Hal Barron to spur a makeover in the pipeline. Now, the FT reports, some of the unhappy investors are making unfavorable comparisons between Walmsley and Pascal Soriot, the CEO credited with a major turnaround at that other UK pharma giant — AstraZeneca.
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