Report: Activist investor pressing Alexion for changes

Alexion Pharmaceuticals Inc. (NASDAQ:ALXN) gained $7.68 to $114.46 on Friday after media reports said activist shareholder Elliott Management is urging the company to take measures to boost its share price. According to a New York Times report, Elliott is advising Alexion to cut costs, set more aggressive financial performance targets, and consider a sale of the company. Elliott also wants Alexion to add more biotech experts to its board, the report said. If Alexion management does not heed the hedge fund's call, Elliott could begin a proxy fight to claim seats on the company’s board, the report said.

The gains added about $1.7 billion to Alexion's market cap, which ended the day at about $25.6 billion...