|Elliot Management, Paul Singer’s New York-based hedge fund firm, has nominated six ex-pharmaceutical executives and banking experts to Actelion Ltd’s Board of Directors. According to an article on Reuters, Elliot Management, Actelion’s largest shareholder, has also called on the Swiss biotech firm to consider putting itself up for sale after disappointing product results last year. |
Elliot Management proposed that ex-Novartis development head James Shannon take the reins from Robert Cawthorn as Actelion chairman. In addition, Paul Singer’s hedge fund has proposed 5 additional candidates for the Board: Peter Allen, Anders Haerfstrand, Robert Hock, Elmar Schnee, and Hans-Christian Semmler. Elliot Management has also called for founder and CEO Jean-Paul Clozel to resign from his board position but stay on as CEO.