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April 15, 2021, 1:45 p.m. EDT

GlaxoSmithKline shares surge on report Elliott Management is building a stake

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By Steve Goldstein

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

Glaxo /zigman2/quotes/200381158/delayed UK:GSK -0.28% /zigman2/quotes/209463850/composite GSK -0.08% 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 /zigman2/quotes/210598409/delayed UK:UKX +0.02% extend gains, rising 0.4% to reach a 52-week high. The U.K. benchmark has climbed 26% from its late October lows.

/zigman2/quotes/200381158/delayed
UK : U.K.: London
1,375.80 p
-3.80 -0.28%
Volume: 5.87M
May 18, 2021 4:35p
P/E Ratio
13.17
Dividend Yield
5.81%
Market Cap
£68.91 billion
Rev. per Employee
£362,501
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/zigman2/quotes/209463850/composite
US : U.S.: NYSE
$ 39.56
-0.03 -0.08%
Volume: 4.47M
May 18, 2021 4:00p
P/E Ratio
14.66
Dividend Yield
5.06%
Market Cap
$97.29 billion
Rev. per Employee
$464,855
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,034.24
+1.39 +0.02%
Volume: 703,516
May 18, 2021 4:53p
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