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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Alexion Pharmaceuticals    ALXN

ALEXION PHARMACEUTICALS

(ALXN)
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Alexion Agrees to Work With Hedge Fund Elliott on Filling Board Seat--Update

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01/02/2018 | 07:08pm EDT
By Aisha Al-Muslim 

Alexion Pharmaceuticals Inc. said Tuesday it will work with hedge fund Elliott Management Corp. on filling an open board seat.

The move comes as the rare-disease drugmaker has been facing pressure from the activist investor, which has pushed for changes in recent years at companies including aluminum parts maker Arconic Inc. and Brocade Communication Systems, now part of Broadcom Ltd.

The agreement between the board and Elliott is part of efforts to "maintain active and constructive dialogue with all of our shareholders, " Alexion Board Chairman David Brennan said in prepared remarks.

The New York Times reported last month, citing two unnamed sources, that Elliott had built a stake in Alexion and urged the company to make changes to lift its stock price.

Alexion said in November that it was searching for a candidate to fill a seat on its board, which currently has 11 members.

The company and Elliott declined to comment Tuesday on the size of Elliott's stake in the firm.

The New Haven, Conn., drugmaker, founded in 1992, has had many management changes during the past year, including hiring Chief Executive Ludwig Hantson in March, after an internal investigation showed senior management pressured staff to persuade customers to order its flagship drug earlier than needed to meet financial targets.

The company's primary product is a rare blood-disease treatment named Soliris.

Under Mr. Hantson's leadership, much of the senior management team was replaced. Alexion in September said it was cutting its workforce by 20%, relocating its headquarters to Boston and closing sites as it works to reduce its overhead. The moves were expected to create $250 million in annual cost savings by 2019.

"We are encouraged by actions taken under Ludwig's leadership to improve financial performance and reset Alexion's strategy," an Elliott spokesperson said in prepared remarks.

Shares in Alexion, down nearly 12% in the past three months, were unchanged at $124.05 in after-hours trading Tuesday. Alexion had a stock market value of $27.71 billion as of market close.

Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
ALEXION PHARMACEUTICALS -0.87% 101.89 Delayed Quote.-4.97%
LINE CORPORATION -0.18% 5410 End-of-day quote.1.12%
MEMBERS CO., LTD. 2.42% 1650 End-of-day quote.-27.54%
ONE STOP SYSTEMS, INC. 0.43% 2.31 Delayed Quote.13.86%
TEAM, INC. 0.31% 6.44 Delayed Quote.-59.80%
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Financials (USD)
Sales 2020 5 675 M - -
Net income 2020 284 M - -
Net cash 2020 441 M - -
P/E ratio 2020 80,2x
Yield 2020 -
Capitalization 22 527 M 22 527 M -
EV / Sales 2020 3,89x
EV / Sales 2021 3,29x
Nbr of Employees 3 082
Free-Float 91,3%
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Technical analysis trends ALEXION PHARMACEUTICALS
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TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 143,70 $
Last Close Price 102,78 $
Spread / Highest target 70,3%
Spread / Average Target 39,8%
Spread / Lowest Target 10,9%
EPS Revisions
Managers
NameTitle
Ludwig N. Hantson Chief Executive Officer & Director
Aradhana Sarin President & Director
David Richard Brennan Chairman
Brian M. Goff Chief Commercial, Global Operations Officer & EVP
John J. Orloff Executive VP, Head-Research & Development
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