MEI Phar­ma push­es back on ac­tivist in­vestors af­ter failed merg­er with In­fin­i­ty

MEI Phar­ma is in de­fense mode af­ter ac­tivist in­vestors called for the re­moval of the San Diego biotech’s en­tire board and a cash re­turn to share­hold­ers.

The in­vestors, An­son Ad­vi­sors and Ca­ble Car Cap­i­tal, had tried buy­ing the biotech ear­li­er this year with an un­so­licit­ed bid, which MEI sound­ly re­ject­ed in June as it was work­ing on an all-stock merg­er with In­fin­i­ty Phar­ma­ceu­ti­cals. That merg­er fell apart in Ju­ly, and the back­lash has caused a reck­on­ing for In­fin­i­ty.

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