December 10, 2019
Funds advised by Elliott Advisors (UK) Limited (together “Elliott” or “we”) acknowledge the statement issued by Alexion Pharmaceuticals, Inc. (“Alexion” or “the Company”) on Friday.
Elliott confirms that it has had a multiyear, constructive and private engagement with Alexion that has led to value-creative changes at the Company. Despite two years of strong execution that bolstered the Company’s strategic value, we believe Alexion remains significantly undervalued by the market. Elliott is encouraged by the Board’s public commitment to evaluate any inbound interest and its overall commitment to shareholder value creation. Elliott remains of the view that Alexion would be a highly valuable strategic and financial asset for a number of larger pharmaceutical companies. We also continue to believe that a proactive approach would maximise the chance of an optimal outcome.
We look forward to continuing our dialogue with the Company in an effort to close the gap between its current share price and its fundamental value.
Elliott Management Corporation manages two multi-strategy investment funds which combined have approximately $38.2 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. Elliott Advisors (UK) Limited is an affiliate of Elliott Management Corporation.