(Bloomberg) -- Activist hedge fund Bluebell Capital Partners disclosed a stake in GlaxoSmithKline Plc, ratcheting up pressure on Chief Executive Officer Emma Walmsley after an earlier investment by Elliott Investment Management.

In a letter to the drugmaker’s chairman, Jonathan Symonds, Bluebell called on Glaxo to run a “thorough and robust process” to find a leader after a spin-off of its consumer health division next year.

Elliott earlier this year disclosed its investment in Glaxo, putting Walmsley’s leadership under a spotlight. Bluebell is a much smaller fund but recently participated in a campaign that led to an overhaul of yogurt maker Danone SA’s management. 

“The board and executive team remain absolutely focused on the need to deliver improved and sustained value for all shareholders,” Glaxo said in a statement. “The points set out in the letter from Bluebell Capital Partners are not new, and in fact are ones we have already made clear we are addressing.” 

The Bluebell stake is about 10 million pounds ($13.7 million), the Financial Times reported earlier. That’s a tiny fraction of the drugmaker’s 71 billion-pound market capitalization. 

Glaxo shares have fallen 3% over the past 12 months.


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