Business
Alkermes Publishes Investor Presentation Detailing Company's Transformation and Value Creation
Strategic, Operational and Governance Enhancements Have Driven Strong Stock Price Performance and TSR Outperformance in Comparison to Peers Reiterates Board's
About this update from Alkermes Plc
[{"type":"text","content":"Strategic, Operational and Governance Enhancements Have Driven Strong Stock Price Performance and TSR Outperformance in Comparison to Peers\nReiterates Board's Belief that Sarissa Nominees Would Offer No Additive Skills to the Board\nRecommends Shareholders Vote \"FOR\" Alkermes' Board Nominees on Company's WHITE Proxy Card\nDUBLIN, June 8, 2023 /PRNewswire/ -- Alkermes plc (Nasdaq: ALKS) (the Company) today announced that it has filed an investor presentation with the U.S. Securities and Exchange Commission (SEC) 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 presentation is available at www.AlkermesValue.com and on the Investors section of the Company's website.\nThe Company's Board of Directors (the Board) issued the following statement:\n\"Driven by the Company's share performance, operational considerations, and shareholder feedback, in 2019 the Board and management recognized the need to realign the Company's priorities, refine its strategic and operational focus, and effect certain governance changes. Since that time, the Alkermes Board and management team have taken concrete actions to create and execute the Company's shareholder-supported December 2020 Value Enhancement Plan, resulting in total shareholder return (TSR) outperformance of 61% compared to our peers1.\"\n\"Despite this success, Sarissa Capital Management LP (Sarissa) nominated a competing slate for the third time in the last three years. The independent members of the Board, including its Lead Independent Director and all members of the Nominating and Corporate Governance Committee (which includes Sarissa's designee on the Board), have engaged with Sarissa extensively. They interviewed and thoroughly evaluated Sarissa's three nominees and attempted to reach a constructive, amicable resolution that would avoid a contested election. The Nominating and Corporate Governance Committee has recommended, and the full Board has determined, that Sarissa's nominees are not additive to our current Board, nor do they bring the expertise previously identified by the Board as important in a new director.\"\nKey highlights from the Company's presentation include:\nAlkermes implemented a Board-led transformation across multiple facets of the Company, including go...