Elliott Is Said to Build Stake in BioMarin Pharmaceutical (1)

Elliott Investment Management has built up a stake in BioMarin Pharmaceutical Inc. and has been in talks with the company for months about its future, a person familiar with the matter said.

The activist shareholder has spent more than $1 billion investing in the company, according to the person, who asked not to be identified discussing confidential information.

A representative for Elliott declined to comment, while a spokesperson for BioMarin didn’t immediately respond to a request for comment. Elliott’s investment in BioMarin was reported earlier on Tuesday by Reuters.

Shares of BioMarin rose as much as 13% on Tuesday, the ...