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Sachem Head takes $1.2 billion position in Elanco, stock price surges

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Hedge fund Sachem Head Capital Management said on Wednesday that it owns a $1.2 billion stake in Elanco Animal Health Inc and plans to push for changes at the company that makes medicines and vaccinations for pets and livestock.

The New York-based hedge fund, run by Scott Ferguson, said in a regulatory filing the Greenfield, Indiana headquartered company’s stock is “undervalued” and an “attractive investment.”

The hedge fund intends to speak with Elanco management and sees opportunities to boost sales and improve margins, a person familiar with Sachem Head’s plan said.

 

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