ZURICH | Wed Sep 28, 2011-13: 56-BST
Zurich (Reuters) - activist hedge fund Elliott advisors has reduced its share of the Swiss biotech company Actelion to below 3%, a character that has given it up, try to force change in the boardroom, or press for a sale.
The hedge funds, which had built up around 6 per cent, suffered a serious setback at a general meeting in may, when failed to get it nominated the candidates elected to the Board.
It has since cut his share, was. Published according to the website of the Swiss Stock Exchange SIX on Wednesday, his investment has fallen below 3%.
Actelion (ATLN.)(VX) shares were 4 percent to 30.95 CHF at 1251 GMT, surpasses a 0.7% higher health care Index.SXDP.
"The shares under pressure came recently, Elliott was sold shares." This pressure has now disappeared, ", said a Zurich dealer."
Actelion shares have lost almost 42% of its value this year to float in the second half of 2010 on speculation that Elliott could force a sale of the company.
"Elliott at least partial interest on Actelion seems to have lost consultants," said ZKB analysts in a note. "This is positive for Actelion conflicts were very time consuming and deals with the administration."
The New York hedge fund had criticised Actelion of's strategy, blame the Administration for a number of product set-backs.
But shareholders in may Actelion Chief Jean-Paul Clozel and Chairman Robert Cawthorn.
(Reporting by Silke Koltrowitz and Paul Arnold;) (Editing by Erica Billingham)
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