Activist hedge fund Starboard Value LP followed Bristol-Myers Squibb Co's s...
- Activist hedge fund Starboard Value LP followed Bristol-Myers Squibb Co’s second-largest investor, Wellington Management, in opposing the drugmaker’s $74 billion purchase of biotech Celgene Corp on Thursday, sowing further doubt on what would be the largest pharmaceutical takeover ever.
Starboard reported on Thursday that it now owns 4.4 million shares, or 0.3 percent of Bristol’s outstanding shares, while Wellington owns an 8 percent stake. But with a reputation as one of corporate America’s most effective agitators, Starboard is seeking to win over more Bristol-Myers shareholders.
The hedge fund said it would sue Bristol for internal documents in Delaware court to gain a better understanding of how management decided to make the offer for Celgene. Bristol-Myers on Thursday again defended the Celgene deal, through which it hopes to create a market leader in the lucrative treatment of cancer by combining two of the world’s biggest-selling portfolios of drugs that treat the disease, as well as adding assets in immunology and inflammation.
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