Shares of U.K. pharmaceutical GlaxoSmithKline surged on Thursday, after a report said that activist investor Elliott Management has built a stake.

Glaxo
GSK,
+5.78%

GSK,
+0.25%

shares rose as much as 8%, as the Financial Times said the fund has built a “significant” position in the company, which has struggled under the direction of Chief Executive Emma Walmsley. Glaxo is due to separate its consumer health business from its pharma and vaccine division.

The FT report said some investors want Walmsley to head the consumer health business, given her experience running the consumer health operations, rather than the pharma business, which is the current plan. Neither company commented, according to the FT report.

The Glaxo news helped the FTSE 100
UKX,
+0.49%

extend gains, rising 0.4% to reach a 52-week high. The U.K. benchmark has climbed 26% from its late October lows.



Source link

×