(Updates with Elliott no comment in last paragraph.)
Sept. 28 (Bloomberg) -- Elliott Advisors (UK) Ltd., the hedge fund that failed in an effort this year to push for a sale of Actelion Ltd., cut its stake in the Swiss drugmaker to less than 3 percent, according to a stock exchange filing.
Elliott owned more than 6 percent at the time of Actelion’s annual meeting in May, when shareholders rejected the fund’s proposal to oust board members. They also decided against an investigation of whether Actelion had received expressions of interest from potential buyers.
Actelion shares have plunged 35 percent since the annual meeting as speculation evaporated about a possible sale of the Allschwil, Switzerland-based company. The Bloomberg Europe Pharmaceutical Index slipped 0.3 percent in the period.
Elliott, part of a New York-based hedge fund founded by Paul Singer, questioned Actelion’s track record in drug development and said the company should consider options including a sale. Actelion said the drugmaker will be a “completely different company” after clinical data on a successor to its best-selling Tracleer lung medicine become available.
A spokesman for Elliott declined to comment on the stake sale in a telephone interview today.
--With assistance from Albertina Torsoli in Paris. Editors: Robert Valpuesta, Marthe Fourcade.
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