Elliott Investment Management has built a sizeable ownership position in Bio-Rad Laboratories Inc (NYSE:BIO), according to people familiar with the matter. The activist investor intends to urge the medical technology company to restructure aspects of its operations and to take steps intended to support an underperforming share price.
The precise scale of Elliott’s holding in Bio-Rad and the specific measures it will recommend have not been disclosed. The firm is also a major investor in Sartorius AG (F:SATG), a German laboratory equipment maker in which Bio-Rad itself holds a strategic stake.
Bio-Rad’s stock has struggled this year, declining by about 18% in 2026 and falling roughly 70% from the record highs it reached during the COVID-19 pandemic in 2021. The company had seen elevated revenue from demand for COVID testing products, a dynamic that dissipated after the pandemic subsided. That reduction in pandemic-related sales has left the company searching for new sources of revenue growth.
Financial results have also been affected by a drop in the value of Bio-Rad’s holding in Sartorius, which has weighed on earnings in recent reporting periods. In addition, the company has experienced waning demand in China, further contributing to its softer top-line performance.
Observers say the coming engagement from Elliott could focus on operational changes aimed at improving revenue generation and shareholder returns, although the company has not disclosed any response or plans. The size of the activist stake and the exact nature of potential proposals remain unclear, leaving uncertainty around the timeline and likely outcomes of any campaign.
Context for investors and markets
- Bio-Rad is operating in a post-pandemic environment where prior COVID testing demand has normalized, creating pressure to identify replacement revenue streams.
- The decline in the book value of the Sartorius stake has had a negative impact on reported earnings.
- Reduced demand in China represents a regional headwind for the company.
The situation places Bio-Rad under heightened scrutiny from both shareholders and market participants as an activist investor positions itself to push for changes. How management responds and whether Elliott discloses further details about its intentions will be central to assessing future corporate actions and potential stock performance.