Alexion shoots down 'proactive' sale demand from activist investor

Alexion
Alexion touted its M&A expertise in its rebuttal to the sale request. (Alexion)

Alexion has withstood its fair share of gales in recent years after a wholesale shakeup at the top and a shift toward an M&A-focused strategy underway. Now, despite one activist investor's call for a "proactive" sale, Alexion's board has decided to stay the course.

Alexion's directors opted not to pursue a sale after a "good faith" conversation with Elliott Advisors—an affiliate of infamous proxy brawler Elliott Management, which requested the sale, the company said. 

"It is highly unusual, if not unprecedented, for a biopharmaceutical company of our size and maturity to proactively launch a sale process," Alexion said in a release. "We do not believe this approach is the best path for driving shareholder value."

A spokesperson for Elliott Management could not be reached by press time. 

As part of its rebuttal to Elliott's request, the board touted its corporate strategy, including its "M&A leadership, including evaluating, negotiating and executing on numerous mergers, acquisitions and sales of major companies throughout their careers." 

RELATED: Alexion replaces CFO Clancy and his 'legendary caution.' Could an M&A spree follow?

Suggested Articles

Pfizer isn't giving up in biosims. This week, it unveiled launches to three Roche blockbusters, with two already on the market.

Novo Nordisk is betting big on GLP-1 Saxenda in its global obesity push, but England's cost watchdog is unimpressed with the drug's long-term outlook.

Tecentriq didn’t show benefit against simple observation at delaying cancer recurrence or death in patients with muscle-invasive urothelial cancer.