Elliott sees hidden value in Bio-Rad via $5B Sartorius stake amid share price slump

Activist investor Elliott Investment Management has taken a significant stake in Bio-Rad Laboratories, which develops medical instruments and software. Bio-Rad's founding family retains majority voting control, complicating activist efforts. Elliott values Bio-Rad's $5 billion stake in German firm Sartorius, a high-growth pharmaceutical equipment supplier, as a key asset. Bio-Rad shares have dropped over 70% since 2021, but the company's turnaround potential and Sartorius investment could attract buyers. Bio-Rad reported mixed Q1 earnings and lowered 2026 sales guidance amid improving industry conditions driven by increased biopharma R&D spending.