Shares of Alexion Pharmaceuticals, Inc. (ALXN, Financial) fell in the first quarter as a result of the significant correction in the biotech/pharma space. Alexion develops treatments for rare diseases. Its high foreign exchange exposure and high multiple also pressured the stock. Overall, we believe there have been no significant changes to the fundamentals of Alexion’s investment thesis (innovative, exceptionally well-managed company with unique assets and pricing power) and we retain conviction.
From Baron Fifth Avenue Growth Fund first quarter commentary 2016.
