Shareholders Challenge Perrigo's Defense Against Mylan Offer Two Years Earlier
This article was originally published in The Pink Sheet
Perrigo concealed problems related to its 2015 acquisition of Omega and over-inflated the firm’s resistance to generic drug pricing pressures in its defense against Mylan's tender, shareholder group Carmignac Gestion says in a lawsuit.
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Some sort of "pharmacy intervention" could aid switches, CEO Hendrickson says; board bloc is still pushing to divest the generic Rx segment but apparent second-quarter sales validation isn't enough to persuade Hendrickson to stay on.
Private label OTC business is likely to be strengthened as Perrigo’s core, as CEO Hendrickson announces retirement shortly after hedge fund investor Starboard Value, pushing to divest the Rx business, built a five-seat block on Perrigo's board.
The firm is reducing its non-production workforce by 750, a decision made after three representatives of disgruntled investor Starboard Value joined its board. Perrigo charts a course of recovery for its struggling international consumer health business, but some analysts are convinced it took a wrong turn with its 2015 investment in European OTC drug and nutritional product businesses and brands.