Keith Meister, Corvex Management's chief investment officer, will join Illumina's board starting March 28. He's no stranger to the world of biotech.

Corvex acquired approximately 25% of its position at prices as high as $19.39 per share prior to the stock falling, and the firm accelerated its purchases in the aftermath of the Q2 '24 results.

The size of Corvex's stake in Algonquin, which has a market capitalization of around C$7.8 billion ($5.75 billion), and its plans moving forward could not be learned.