IBB - Activist Investor Elliott Pushes for Strategy Revamp at BioMarin Amid CEO Change | Benzinga
Activist investor Elliott Investment Management has taken a significant position in BioMarin Pharmaceutical Inc (NASDAQ: BMRN), engaging with the company on its strategic direction amid leadership changes and the evolving status of its hemophilia treatment, Roctavian.
The hedge fund has invested over $1 billion in BioMarin, which specializes in rare genetic diseases and has a market capitalization of approximately $16 billion.
Elliott's involvement comes at a critical time for BioMarin as it navigates a CEO transition and adjusts its strategy for Roctavian, whose sales forecast has been revised downward from $50 million-$150 million to less than $10 million, prompting analysts to temper their short-term ...