Elliott is backing away from a threatened activist attack on GlaxoSmithKline, giving CEO Emma Walmsley some breathing room — report
GlaxoSmithKline chief Emma Walmsley appears to have survived the first big challenge to her tenure at the top of the pharma giant.
The Times of London is reporting that Elliott Management won’t pursue a threatened attack on GSK, pulling back from an assault that could have leveraged dissatisfaction with the company’s lackluster performance into a break up and sale.
The activists at Elliott have a long track record in the business of pushing reorganizations in biopharma that can trigger handsome returns for investors. And that’s what people were expecting since word got out that Elliott had taken a multibillion-dollar stake in GSK.
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