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Bristol-Myers Gains After Starboard Takes a Position

Bloomberg’s Ed Hammond reports on Starboard investing in Bristol-Myers Squibb and Papa John’s.Markets: European Close." (Source: Bloomberg)

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By Ed Hammond and Nabila Ahmed

February 4, 2019 at 12:42 PM UTC

Updated on

February 4, 2019 at 6:53 PM UTC

This article is for subscribers only.

Shares of drugmaker Bristol-Myers Squibb Co. gained Monday, with acquisition target Celgene Corp. falling after activist hedge fund Starboard Value was said to have taken a stake in Bristol-Myers.

The size of Starboard’s stake and any plans that Jeff Smith’s hedge fund might have for its investment in the $81 billion drugmaker couldn’t immediately be learned when Bloomberg reported the position on Saturday, citing people familiar with the matter. Bristol-Myers shares declined last month after the New York-based drugmaker made a record $74 billion deal to buy Celgene.