A top investor has reportedly come out in support of current GlaxoSmithKline (GSK) boss Emma Walmsley, following reports of Elliott Management building a multi-billion-dollar stake in the U.K. pharma company.
According to a report in This is Money, a top 20 investor said Walmsley should be “given time,” as she plans to separate the pharma conglomerate’s consumer health business from its pharma and vaccine division next year.
The investor reportedly said she has “done admirably” since taking charge in 2017 and that big changes at pharma companies were “difficult” to accomplish quickly. “Since taking over the reins, Emma Walmsley has done admirably in our opinion,” added the investor.
Elliott’s stake comes amid suggestions Walmsley could be forced out, with some investors unhappy with her lack of a scientific background according to a report in the Financial Times.
Some investors have been dissatisfied with GSK’s failure to produce a COVID-19 vaccine, as Pfizer and AstraZeneca have. Some GSK ventures in the COVID-19 vaccine area were ridden with delays before being stopped altogether.
Shares in GSK were up 1.1% at around 9.40 a.m. British Summer Time Wednesday. However, GSK shares remain down 9% for the past five years while its competitor AstraZeneca is up 84% over the same period.