Elliott Targets Bio-Rad After 70% Stock Collapse

This article first appeared on GuruFocus.

Elliott Investment Management has reportedly built a sizable stake in Bio-Rad Laboratories (NYSE:BIO), putting fresh activist pressure on a life-science tools supplier whose share price has been under heavy strain. The Wall Street Journal reported the position, citing people familiar with the matter, though the exact size of Elliott's stake was not disclosed. Bio-Rad carries a market value of about $6.7 billion, while its shares have fallen more than 70% from their late-2021 peak.

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The move could sharpen investor focus on Bio-Rad's structure, especially its major link to Sartorius, the German company that serves makers of biologic drugs. Elliott is also a large investor in Sartorius, according to the report, while Bio-Rad's own stake in Sartorius is valued at about $5 billion. That holding could possibly become a key part of the activist narrative, as investors assess whether Bio-Rad has room to unlock value after a steep multi-year stock decline.

Elliott's push also fits into a broader health-care investment pattern for the firm, which manages about $80 billion in assets. The activist investor has recently backed Charles River Laboratories as well, signaling continued interest in the sector. For Bio-Rad investors, the central question is whether Elliott's involvement could help reframe the story around a beaten-down stock, a sizable Sartorius stake, and potential pressure for stronger shareholder returns.

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