Arbutus Biopharma Corporation (ABUS) Announces Leadership Changes and Board Reduction

Market Cap: $653 million | Arbutus Biopharma Corporation, a biopharmaceutical company, develops novel therapeutics for chronic Hepatitis B virus (HBV) infection in the United States. 

Roivant Sciences

On February 21, 2025, Roivant's CEO, Matthew Gline, requested the resignation of all members of the Issuer's Board of Directors, which was accepted. The Board was then reduced from seven to five members, with Lindsay Androski, Robert Alan Beardsley, Joseph Bishop, Matthew Gline, and Anuj Hasija appointed to serve until the 2025 Annual General Meeting. Lindsay Androski, a Roivant Sciences employee, was named the new President and CEO, alongside Gline and Bishop. In 2018, Roivant and Arbutus Biopharma formed Genevant Sciences, a joint venture focused on RNA-based therapeutics using Arbutus' proprietary delivery technologies. Roivant contributed $37.5 million to Genevant, and Arbutus retained rights to its Hepatitis B delivery platforms, receiving royalties on future sales of Genevant's products. Source

Whitefort Capital Management

On May 9, 2024, Whitefort Capital Management (6.8%) expressed to the Board that the current share price doesn't reflect the company's true value, urging termination of the ATM program and exploration of strategic options for the HBV portfolio. They aim to cooperate with the Board and engage with shareholders on these matters. Source

On May 17, 2024, Whitefort Capital Management issued an open letter to the shareholders, advocating for strategies to maximize company value. They emphasized the potential billions in value from Arbutus’ patent infringement claims against Moderna and Pfizer/BioNTech. The firm urged Arbutus to halt any further share issuances and planned to vote against increasing share allocations under the company's incentive plan. Furthermore, Whitefort suggested that Arbutus should conduct a strategic review of its Hepatitis B virus portfolio by the end of the year, including exploring potential licensing and collaboration agreements.