Activist investor Elliott Investment Management has built a stake in BioMarin Pharmaceutical and has been in discussions with the company for months about its future, Svea Herbst-Bayliss of Reuters reports, citing two people familiar with the matter. Elliott has spent over $1B on the stake in BioMarin, sources told Reuters, which noted that the nature of the conversations and any demands the hedge fund may have made could not be learned. Shares of BioMarin are up 9% to $83.40 in morning trading.
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