Activist investor pushes for management overhaul, strategic review at Theravance
In a letter to Theravance Biopharma Monday morning, activist investor Irenic Capital Management pushed for significant changes to the board, a strategic review to weigh the potential sale of the company or its assets, as well as cutting down on what it called excessive share-based compensation.
Irenic said that since Theravance spun out Innoviva in 2014, its shareholders have lost significantly on their investment. The biotech had originally separated Innoviva out to manage the revenues it got from GSK on a number of respiratory products. The letter was first reported by Reuters.
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