Catalent stock moved higher on Thursday on reports that activist investor Elliott Investment Management has taken a significant stake in the company.
Shares of the contract drugmaker had added 4% at US$48.16 at noon.
According to a Wall Street Journal report on Wednesday, in addition to building a significant stake in the company, Elliott is pushing for a board shakeup.
Per the report, Elliott has been talking to potential director candidates about joining a lineup of nominees to run in a proxy contest, sources with knowledge of the matter told the publication.
The exact size of Elliott’s stake in Catalent could not be learned by the WSJ.
Both Elliott and Catalent declined requests for comment.
Catalent manufactures drugs, vaccines and gene therapies for major pharmaceutical companies, including Moderna Therapeutics Inc (NASDAQ:MRNA) and Novo Nordisk.
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