Third Point says has taken large stake in Amgen, urges biotech company to consider breakup

IndustriesAssociated Press

A hedge fund run by a famed investor says it has taken a large stake in Amgen and now wants the biotech drugmaker to consider splitting up into two.

In a letter to investors, Third Point, a hedge fund run by Daniel Loeb, said it has recently increased its stake by an unspecified amount, making it one of the drugmaker's top shareholders. According to FactSet, Third Point already owned about 450,000 Amgen shares, a stake worth roughly $64.8 million.

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In response, Amgen said that its board and management are continually assessing the company's business.