Allergan’s Saunders Speaks Of Urgency, But Not Of Specifics
Days after surviving a shareholder vote to split up his roles, chairman/CEO Saunders says unhappy investors have been heard and change is coming. As for details, everything is on the table.
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Allergan was expected to announce soon that it would follow its shareholders' advice and split the company in two, but it's being acquired by AbbVie for $63bn instead, finally giving investors a big boost in their Allergan holdings after years of decline.
Allergan will split the CEO and chairman roles as requested by Appaloosa, but only in the next leadership transition. The activist shareholder fired back with renewed opposition to leaving Brent Saunders in both top jobs.
Investor unrest expected as Allergan’s NMDA receptor modulator rapastinel fails in Phase III depression program, coming shortly after J&J’s approval in the class with Spravato.