Activist Hedge Fund Elliott Management Backs Away from Forced GlaxoSmithKline's Vaccines, Pharma Business Sale: The Times

The Times of London reports that activist investor Paul Singer's hedge fund Elliott Management will not push the sale of GlaxoSmithKline Plc’s GSK vaccines and pharmaceuticals business.
Also, Elliott is not planning to push for cuts to Glaxo’s £5 billion research and development budget and will support GSK remaining in the U.K.
The activists at Elliott have a track record for the break-up and sale of big companies. It has declined to comment.
In April, Elliott Management had built a significant stake in the company.
The British newspaper reports that Elliott has been speaking to shareholders and is also speculated to have had discussions with executives.
Last week, GSK sold its entire stake in respiratory partner Innoviva in a $392 million deal, a move to simplify GSK’s business while creating a windfall that the pharma will be able to use to invest in its “strategic priorities.”
Price Action: GSK shares are down 0.36% at $38.57 during the market session on the last check Thursday.

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