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Shareholders elected company's director nominees to the board of Alkermes (ALKS)

Key Summary: On May 10, 2021, Sarissa Capital (5.9%) nominated a director for the 2021 AGM, and by April 29, had an agreement to appoint Cato T. Laurencin to the board on November 18. On January 7, 2022, Sarissa (8.68%) planned to nominate directors for the 2022 AGM and threatened to call another meeting if not appointed. By October 7, Sarissa (8.55%) believed the company was undervalued. On February 3, 2023, Sarissa reserved rights to nominate directors for the 2023 AGM, filing proxy materials on May 15 for three nominees. They criticized CEO Richard Pops, calling for better governance. ISS and Glass Lewis issued conflicting recommendations, and on June 29, 2023, shareholders elected all seven of Alkermes' nominees.

Market Cap: $5.4 billion | Alkermes plc, a biopharmaceutical company, researches, develops, and commercializes pharmaceutical products to address unmet medical needs of patients in various therapeutic areas in the United States, Ireland, and internationally.


  • On May 10, 2021, Sarissa Capital, which held a 5.9% stake in the company, disclosed that it nominated a director candidate for election to the board at the 2021 AGM.

  • On April 29, 2021, Sarissa Capital reached an agreement with the company, granting it the right to designate a director to the board.

  • On November 18, 2021, Sarissa Capital's nominee, Cato T. Laurencin, was appointed to the board. Sarissa Capital considered this appointment a positive outcome for shareholders. Source

  • On January 7, 2022, Sarissa Capital, holding an 8.68% stake, indicated its intention to nominate directors for election to the board at the 2022 AGM. Source

  • On July 6, 2022, Sarissa Capital announced its intention to vote "for" the Alkermes slate of directors at the upcoming annual meeting. However, if a Sarissa representative was not appointed to the board, it planned to call another shareholder meeting to selectively remove and replace certain board members.

  • On October 7, 2022, Sarissa Capital (holding 8.55% stake) expressed its belief that the company was undervalued and that its representatives on the board could help unlock shareholder value. It also mentioned that while CEO Richard Pops remained an obstacle, certain board members would work in the best interest of shareholders. Source

  • On February 3, 2023, Sarissa Capital filed a notice reserving its rights to nominate directors for the 2023 AGM. Source

  • On May 15, 2023, Sarissa Capital filed proxy materials soliciting votes for its three director nominees at the upcoming AGM. Source

  • On June 5, 2023, Sarissa Capital issued a press release expressing concerns about the company's undervaluation and poor governance. It has attempted to engage in discussions with the board, but its offers for settlement compromises, including board representation linked to stock performance, have been rejected. Sarissa Capital believes CEO Richard Pops has contributed to shareholder value destruction, and it seeks an amicable settlement to work towards unlocking shareholder value.

  • On June 6, 2023, Sarissa Capital issued a presentation reiterating its concerns and soliciting votes for its nominees at the upcoming AGM.

  • On June 9, 2023, Sarissa Capital issued a presentation detailing the need for shareholder representation on the board.

  • On June 13, 2023, Sarissa Capital issued a letter to the shareholders expressing its frustration with the board for rejecting their attempts to gain representation. Sarissa Capital accuses CEO Richard Pops of excessive control and highlights Alkermes' history of value destruction and poor governance. It urges fellow shareholders to support its nominees for oversight and accountability.

  • On June 15, 2023, Sarissa Capital issued a presentation detailing the need for shareholder representation on the board

  • On June 20, 2023, ISS recommended voting ‘FOR’ Shane Cooke and Richard Pops and all unopposed Alkermes nominee. It also recommends that shareholders vote “AGAINST” incumbent Alkermes director Richard Gaynor. Source

  • On June 21, 2023, Glass Lewis recommended that shareholders vote “FOR” all seven of Alkermes’ director nominees at the Company’s upcoming 2023 AGM. Source

  • On June 26, 2023, Sarissa Capital filed proxy materials seeking support for its nominees at the upcoming AGM. It issued a presentation detailing the need for shareholder representation on the board

  • At the AGM held on June 29, 2023, shareholders elected all the seven company's director nominees to the board.

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