The Wall Street Journal: Alexion to work with activist investor Elliott to fill board seat [MarketWatch]
Arconic Corporation (ARNC)
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Source: MarketWatch
Alexion to work with activist investor Elliott to fill board seat Alexion Pharmaceuticals Inc. said Tuesday it will work with hedge fund Elliott Management Corp. on filling an open board seat. The move comes as the rare-disease drugmaker has been facing pressure from the activist investor, which has pushed for changes in recent years at companies including aluminum parts maker Arconic Inc. and Brocade Communication Systems, now part of Broadcom Ltd. The agreement between the board and Elliott is part of efforts to “maintain active and constructive dialogue with all of our shareholders,” Alexion ALXN, +3.73% Board Chairman David Brennan said in prepared remarks. The New York Times reported last month, citing two unnamed sources, that Elliott had built a stake in Alexion and urged the company to make changes to lift its stock price. Alexion said in November that the company was searching for a candidate to fill a seat on its board. An expanded version of this report appears on WSJ.co
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