Sarissa Capital Management was founded by Alex Denner, Ph.D., in 2013 to capitalize on compelling opportunities for constructive shareholder activism within the healthcare sector. The fund's team of subject matter experts and its philosophy of thoughtful engagement aim to create positive outcomes for investors, shareholders, and patients by taking an owner-oriented approach to investments. Sarissa seeks to optimize healthcare companies to efficiently provide important medicines to society and enhance the impact of medical innovation, while also generating value for shareholders.
Alexander Denner
Dr. Alex Denner is the founding partner and Chief Investment Officer of Sarissa Capital Management LP, established in 2011 to enhance shareholder value through strategic improvements in companies. Previously, he was a Senior Managing Director at Icahn Capital L.P. (2006–2011) and a portfolio manager at Viking Global Investors and Morgan Stanley Investment Management. Dr. Denner currently serves on the boards of Biogen Inc. and Ironwood Pharmaceuticals, Inc. In the past five years, he has chaired the boards of Ariad Pharmaceuticals, Inc. and The Medicines Company and served as a director of Bioverativ Inc. He holds an S.B. in Mechanical Engineering from MIT and an M.S., M.Phil., and Ph.D. in Mechanical Engineering from Yale University.
Letters & Presentations
INNOVIVA, INC. 23-Mar-2017 Presentation |
INNOVIVA, INC. 27-Mar-2017 Presentation |
INNOVIVA, INC. 30-Mar-2017 Presentation |
INNOVIVA, INC. 12-Apr-2017 Presentation |
INNOVIVA, INC. 18-Apr-2017 Presentation |
AMARIN CORP PLC\UK 10-Jan-2023 Letter |
AMARIN CORP PLC\UK 18-Jan-2023 Letter |
AMARIN CORP PLC\UK 2-Feb-2023 Presentation |
AMARIN CORP PLC\UK 7-Feb-2023 Presentation |
AMARIN CORP PLC\UK 7-Feb-2023 Presentation |
AMARIN CORP PLC\UK 7-Feb-2023 Presentation |
AMARIN CORP PLC\UK 7-Feb-2023 Presentation |
AMARIN CORP PLC\UK 9-Feb-2023 Letter |
ALKERMES PLC. 5-Jun-2023 Letter |
ALKERMES PLC. 6-Jun-2023 Presentation |
ALKERMES PLC. 13-Jun-2023 Letter |
ALKERMES PLC. 14-Jun-2023 Letter |
ALKERMES PLC. 15-Jun-2023 Presentation |
ALKERMES PLC. 15-Jun-2023 Presentation |
ALKERMES PLC. 26-Jun-2023 Presentation |
ALKERMES PLC. 26-Jun-2023 Presentation |
AMARIN CORP PLC\UK 5-Dec-2023 Letter |
Active 13D Positions
AMRN | Amarin Corporation plc | Health Care | 3.9% | Link |
IRWD | Ironwood Pharmaceuticals, Inc. | Health Care | 16.8% | Link |
INVA | Innoviva Inc | Health Care | 34.9% | Link |
Past Activist
Aegerion Pharmaceuticals, Inc. (AEGR)
On February 5, 2015, Sarissa Capital disclosed a 5.76% stake, and by March 29, 2015, the company agreed to appoint a Sarissa candidate to the Board. On March 21, 2016, Sarissa and the company amended their nomination agreement, terminating standstill provisions and agreeing not to nominate directors at the 2016 annual meeting. On June 14, 2016, the company entered into a merger agreement with QLT, granting Sarissa (8.98%) the right to designate one director post-merger and an additional director until QLT’s 2017 annual meeting. Broadfin Capital (13.59%) agreed to vote in favor of the merger, securing one Board seat. The merger with QLT was completed on November 29, 2016.
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Alkermes plc (ALKS)
Between May 10, 2021, and June 29, 2023, Sarissa Capital (initially holding a 5.9% stake) actively engaged with the company, nominating director candidates, reaching an agreement for board representation, and successfully appointing its nominee, Cato T. Laurencin, to the board on November 18, 2021. By January 7, 2022, Sarissa (8.68%) signaled plans to nominate directors for the 2022 AGM and, on July 6, 2022, supported the company's slate but warned of potential actions if its representative was not appointed. On October 7, 2022, Sarissa (8.55%) reiterated concerns about undervaluation and management, particularly targeting CEO Richard Pops. Leading into the June 29, 2023 AGM, Sarissa filed proxy materials, issued presentations, and criticized the company's governance, urging support for its nominees. Despite these efforts, shareholders ultimately elected all seven company nominees to the board.
Ariad Pharmaceuticals, Inc. (ARIA)
In October 2013, Sarissa Capital disclosed a 6.22% stake and sought board representation, leading to a February 2014 agreement granting Sarissa one board seat and future approval of an additional director. In September 2014, Sarissa requested a waiver to increase its stake to 9.9%, which was denied, with the company alleging a breach of the standstill agreement. On February 19, 2015, Sarissa announced its intent to nominate two candidates for the board and later added a third nominee. On April 28, 2015, a settlement was reached, resulting in the CEO’s retirement, a Sarissa-chaired CEO search committee, and Sarissa filling the resulting board vacancy. The agreement was amended on March 17, 2016, terminating the standstill provisions and precluding Sarissa from nominating directors for the 2016 AGM. On January 8, 2017, the company was acquired by Takeda Pharmaceutical Company for $24 per share, valuing it at approximately $5.2 billion.
Novelion Therapeutics Inc. (NVLN)
On June 14, 2016, QLT Inc. entered into a merger agreement with Aegerion Pharmaceuticals, granting Broadfin Capital (8.41%) the right to designate one Board member. The merger was completed on November 29, 2016, with QLT renamed Novelion Therapeutics Inc. On June 29, 2017, Sarissa Capital exercised its rights under the merger agreement to designate Mark DiPaolo, a Sarissa partner and former Icahn Capital executive, to the Board, with his appointment finalized on August 1, 2017. On November 8, 2018, Aegerion Pharmaceuticals repaid Sarissa Funds under a Loan Agreement, leading Sarissa Capital to reduce its stake to 4.6%.
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