BioMarin has reached a settlement with activist investor Elliott Investment Management with the biotechnology company agreeing to add three independent directors to its board and form a committee to review operations, according to a report by Reuters.

The report added that in November, Reuters had reported that Elliott owns a stake in BioMarin and had been holding discussions with the company, valued at $18bn, about possible changes.

Since Elliott's involvement became public on Nov. 7 and since the company announced a new CEO earlier in November, the stock price has climbed 22% and closed trading at $92.66 on Tuesday.

The new Strategic and Operating Review Committee will evaluate the company's business, strategy and operations, financial and capital allocation priorities, and long-term planning and priorities, the company said in a statement.