Business
Alkermes Files Definitive Proxy Statement and Issues Letter to Shareholders Detailing Business Execution That Has Driven Strong Performance and Delivered Shareholder Value
Company Has Outperformed Peers and Relevant Indices Since Unveiling its December 2020 Value Enhancement Plan 70% of Board's Independent Directors Have Been
About this update from Alkermes Plc
[{"type":"text","content":"Company Has Outperformed Peers and Relevant Indices Since Unveiling its December 2020 Value Enhancement Plan \n70% of Board's Independent Directors Have Been Appointed Over the Last Four Years, Including Four Directors Designated or Supported by Shareholders \nCompany Launches www.AlkermesValue.com, Providing Additional Information for Shareholders\nAlkermes' Board Recommends Shareholders Vote \"FOR\" Alkermes' Director Nominees on Company's WHITE Proxy Card\nDUBLIN, May 25, 2023 /PRNewswire/ -- Alkermes plc (Nasdaq: ALKS) (the Company) today filed its definitive proxy statement with the U.S. Securities and Exchange Commission (SEC) and issued a letter to its shareholders in connection with the Company's upcoming 2023 Annual General Meeting of Shareholders (the Annual Meeting), which is scheduled to be held on June 29, 2023. The letter details the Company's successful execution and value creation since the announcement of its Value Enhancement Plan in December 2020. The Value Enhancement Plan is comprised of a number of initiatives, including Board refreshment, evaluation of strategic opportunities and establishment of long-term profitability targets. Key highlights from the letter include that Alkermes:\n\n \n \n \n \n \n \n\n \nGenerated a share price increase of 49% since the Company announced its Value Enhancement Plan on December 10, 2020. Since then, the Company's total shareholder return (TSR) has outperformed its peers1 by 61%, the XBI biotech index by 83% and the NBI biotech index by 56%.2 Alkermes' TSR has also outperformed its peers and the XBI and NBI on a 1-year and 3-year trailing basis and other relevant timeframes.Appointed seven new independent directors to the Company's board of directors (the Board) over the last four years, while five longer-serving directors have retired. The newly appointed directors, which comprise 70% of the Board's independent directors, include a director designated by activist hedge fund Sarissa Capital Management LP (Sarissa) in November 2021 (Cato T. Laurencin, M.D., Ph.D.), a director designated by Elliott Advisors (UK) (Elliott) in May 2021 (Emily Peterson Alva), and two directors appointed with the support of Elliott in December 2020 (David A. Daglio and Brian P. McKeon).Enhanced the Company's corporate governance based on shareholder feedback, the evolving needs of the business a...