Activist investor Bluebell takes stake in GSK

A GlaxoSmithKline factory is seen in Montrose, Scotland, Britain October 22, 2018. Andy Buchanan / Pool via REUTERS / File Photo

Sept. 22 (Reuters) – Activist investor Bluebell Capital Partners has taken an estimated € 10million stake in UK pharmaceutical group GlaxoSmithKline (GSK.L) in a bid to shake up management, a report from the Financial Times.

Bluebell said in a letter to GSK chairman Jonathan Symonds that chief executive Emma Walmsley would have to reapply for her post because she would have “renewed her credibility both internally and externally,” according to the FT report.

Earlier this year, activist Elliott also took a stake in GSK, calling for a change in leadership at the company. Bluebell largely supported Elliott’s demands, the FT said. Read more

GSK confirmed that Bluebell made requests in a letter.

“We continue to engage extensively with our shareholders with more than 500 meetings so far this year,” GSK said in a statement.

“They expressed widespread and strong support for our plans to bring about a radical change in terms of growth and performance, and made it clear that they need to focus on execution,” the company added.

The British pharmaceutical major, with a market value of more than 71 billion pounds ($ 96.95 billion), in July rejected Elliott’s demands to change its board of directors and sell its consumer health arm. Read more

GSK has plans to turn its consumer healthcare arm into a separately listed company, a move that will generate an £ 8 billion windfall and other financial benefits to spur drug development in its sub-pharmaceutical business. efficient. Read more

Bluebell was part of a successful investor campaign to oust Danone (DANO.PA) Chairman and CEO Emmanuel Faber in March. Read more

($ 1 = 0.7323 pounds)

Report by Aditi Sebastian in Bengaluru and Ludwig Burger in Frankfurt. Editing by Jane Merriman

Our Standards: Thomson Reuters Trust Principles.

About Catherine Sherrill

Check Also

Why NRx Pharmaceuticals’ stock is plummeting today

What happened Actions of NRx Pharmaceuticals (NASDAQ: NRXP) were trading down 7.2% at 11:25 am …

Leave a Reply

Your email address will not be published. Required fields are marked *