While activist hedge fund Elliott Management has exited technology major Cognizant, pharmaceutical company Vivimed Labs, through its unit UQUIFA, is acquiring Hungarian firm Soneas.
Activist hedge fund Elliott Management exits Cognizant
US-based activist hedge fund Elliott Management has exited Cognizant reaping benefits from a 50 per cent rise in the stock price of the technology major over the last 18 months, according to a report in The Economic Times.
Eliott Management is credited with having changed Cognizant’s business strategy a couple of years ago. In 2016, the investment firm disclosed that it had around 4 per cent stake in Cognizant and asked it to begin paying dividends, institute buybacks and shake up its board. Cognizant complied with those requests, beginning a $3.4-billion capital return programme and replacing three members of the board.
A Cognizant executive told the newspaper that company’s strategy would not change following Elliott Management’s exit.
It was recently reported that Elliot had picked up a small stake in Indian technology giant Wipro Ltd.
Vivimed Labs’ unit acquires Hungarian firm Soneas
Pharmaceutical company Vivimed Labs is acquiring Hungarian contract development and manufacturing firm Soneas for an undisclosed amount.
Vivimed Labs Spain S.L, the parent of UQUIFA S.A, has signed definitive agreements to facilitate the acquisition of Soneas, a contract development and manufacturing company, focused on the innovator pharma and fine chemical sectors.
UQUIFA, the API business of Hyderabad-based Vivimed Labs, acquired the Soneas from Lochlomond and Euroventures which are both based out of Hungary.