Emma Walmsley (Mandel Ngan/AFP via Getty Images)

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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