Dow Jones -- Support for Actelion Ltd (ATLN.VX) has melted further, as long-time investor BB Biotech (BION.EB) continued to cut its stake in Europe's largest biotech ahead of a key investor meeting next month that will determine the company's board composition and future direction.
BB Biotech, which is supporting Actelion's current board and strategy against efforts by U.K. hedge fund Elliott Advisors to uproot most of the current top brass, held 3.5% of the company's capital at the end of March, according to its quarterly report. That's down from 3.8% at the end of 2010 and markedly lower than the 4.3% the Swiss investment company held at the end of September 2010 before Actelion's troubles became more pronounced.
