NEW YORK, Nov 7 (Reuters) - Activist investor Elliott Investment Management has built a stake in BioMarin Pharmaceutical (BMRN.O) and has been in discussions with the biotechnology company for months about its future, according to two people familiar with the matter. Elliott declined to comment, while a representative for BioMarin did not immediately respond to a request for comment. BioMarin shares rose 12% to $85.36 on the news in morning trading in New York on Tuesday. Prior to news of Elliott's engagement, BioMarin shares were down 24% year-to-date, significantly underperforming the iShares Biotechnology ETF (IBB.O), which is down 8.6%. Elliott also successfully pushed for drug makers Alexion Pharma (AZN.L) and Allergan (ABBV.N) to be sold.

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Persons: Elliott, BioMarin, hemophilia, Jean, Jacques Bienaime, Alexander Hardy, Jefferies, Bienaime, Harvey, Richard Meier, Svea Herbst, Bayliss, Jamie Freed Organizations: Investment Management, BioMarin Pharmaceutical, Biotechnology, Alexion Pharma, Svea, Thomson Locations: BioMarin, San Rafael , California, West Palm Beach , Florida, New York