Sarissa Capital increased its stake after securing a Board seat in Ironwood Pharmaceuticals
Key Summary: On May 1, 2018, Sarissa Capital Management, with a 2.4% stake, filed proxy materials to elect a nominee as a Class II director, coinciding with the company’s plan to split into two firms. By May 31, 2018, shareholders reelected all incumbent directors, and Sarissa endorsed the split, choosing not to pursue a board seat. On May 16, 2019, with a 6.1% stake, Sarissa praised the R&D spinoff, and later increased its stake to 7.9% on February 26, 2020. On November 5, 2020, Sarissa's founder, Dr. Alexander J. Denner, was appointed to the board, and on March 1, 2021, Sarissa further increased its stake to 9.3%.
Market Cap: $1.5 billion | Ironwood Pharmaceuticals, Inc., a commercial biotechnology company, engages in the research, development, and commercialization of human therapeutic products.
- On May 1, 2018, Sarissa Capital Management, starting with a 2.4% stake, filed proxy materials to elect its nominee as a Class II director, coinciding with the company's announcement of its intent to split into two independent publicly traded firms.
- On May 31, 2018, shareholders reelected all three incumbent directors at the AGM, and Sarissa endorsed Ironwood’s leadership in pursuing the split, refraining from seeking a board seat.
- On May 16, 2019, with a 6.1% stake, Sarissa praised the spinoff of the company's R&D business as a good first step towards enhancing shareholder value. Source
- On February 26, 2020, Sarissa increased its stake to 7.9%.
- On November 5, 2020, Alexander J. Denner, Ph.D., Sarissa's founder and CIO, was appointed to the board. Source
- On March 1, 2021, Sarissa further increased its stake to 9.3%.
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