ValueAct Capital has almost doubled its stake in UK life-sciences company Horizon Discovery to just under 10% with the acquisition of 7.5 million shares from Woodford Investment Management. Horizon said in a separate statement that it has had a dialogue with ValueAct over time and believes its board is “very strong, well governed and appropriately constituted”. In a statement, the activist hedge fund said it was now pondering the appointment of a member of its team to the Horizon board. In response, the Cambridge firm said its board was "very strong, well governed and appropriately constituted". The deal is expected to close by the end of this year.
ValueAct Capital has almost doubled its stake in UK life-sciences company Horizon Discovery to just under 10% with the acquisition of 7.5 million shares from Woodford Investment Management. In a statement, the activist hedge fund said it was now pondering the appointment of a member of its team to the Horizon board. In response, the Cambridge firm said its board was "very strong, well governed and appropriately constituted". The deal is expected to close by the end of this year.