Dec 8, 2017

Elliott sets its sights on Alexion Pharma

Elliott Associates founder Paul Singer. Photo: David A. Grogan/Getty Images

Paul Singer's Elliott Management has amassed an undisclosed stake in $24 billion biotech Alexion Pharmaceuticals, according to The NY Times:

"If Alexion's management does not take action — from offering more aggressive financial performance guidance to considering strategic alternatives such as selling itself — Elliott could end up taking actions like beginning a proxy fight."

Why it matters: The pressure from Elliott to juice profits comes almost a year after Alexion admitted executives pressured employees to sell its flagship blood disorder drug, Soliris, to meet financial projections. Present day, meet history. It's also worth noting Paul Singer has aggressively targeted other healthcare companies this year (e..g, Athenahealth and Mednax).

Broader context: This news comes less than 24 hours after Fortune published a profile of Ellliott Management, including disturbing claims about how the activist investor has tried to gather dirt on target company executives. For example, it reports that executives' children have been pulled into the fray (Elliott would not reply on-the-record, but seems to have denied on background).

Go deeper

Updated 38 mins ago - Politics & Policy

In photos: Protesters clash with police nationwide over George Floyd

Police officers grapple with protesters in Atlanta. Photo: Elijah Nouvelage/Getty Images

Police used tear gas, rubber bullets and pepper spray as the protests sparked by the killing of George Floyd spread nationwide on Friday evening.

The big picture: Police responded in force in cities ranging from Atlanta to Des Moines, Houston to Detroit, Milwaukee to D.C. and Denver to Louisville. In Los Angeles, police declared a stretch of downtown off limits, with Oakland issuing a similar warning.

Updated 1 hour ago - Politics & Policy

Supreme Court sides with California on coronavirus worship service rules

The Supreme Court has ruled 5-4, with Chief Justice John Roberts joining the court's liberal justices, to reject a challenge to California's pandemic restrictions on worship services.

Why it matters: This is a setback for those seeking to speed the reopening of houses of worship, including President Trump.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 5,923,432— Total deaths: 364,836 — Total recoveries — 2,493,434Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 1,745,930 — Total deaths: 102,808 — Total recoveries: 406,446 — Total tested: 16,099,515Map.
  3. Public health: Hydroxychloroquine prescription fills exploded in March —How the U.S. might distribute a vaccine.
  4. 2020: North Carolina asks RNC if convention will honor Trump's wish for no masks or social distancing.
  5. Business: Fed chair Powell says coronavirus is "great increaser" of income inequality.
  6. 1 sports thing: NCAA outlines plan to get athletes back to campus.