GlaxoSmithKline share price leaps at news of activist hedge fund interest
Shares in GlaxoSmithKline continued to rise on Friday after it emerged that activist hedge fund Elliot Management had built a large stake in the company.
New York-based firm Elliot Management, run by billionaire Paul Singer, is believed to have made the multibillion-pound investment earlier this week.
GSK was one of the FTSE 100’s biggest risers on Thursday, when shares closed five per cent higher after the move.
On Friday’s opening, the pharmaceutical giant continued to climb with a 0.23 per cent boost.
Elliot Management, which has assets under management of around £40bn, is known for being an aggressive activist investor.
It pushed for the sale of rare disease specialist Alexion Pharmaceuticals before it was bought by AstraZeneca for $39bn in December.
GSK’s share price has been under pressure as it has lagged behind UK rival AstraZeneca and US firms Pfizer and Johnson & Johnson in developing Covid vaccines.