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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