‘Something needs to change’: An Allergan analyst spells out why next week’s vote could still spark a major revamp
Just because ISS and Glass Lewis have thrown their weight behind Allergan CEO Brent Saunders in the upcoming shareholder vote at the annual meeting on Wednesday doesn’t mean that die-hard critics have put aside the manifestoes and helmets in preparation for a proper melee.
Today SVB Leerink’s Marc Goodman waded into the fray, taking a critical view of the past 3 years under Saunders as the stock price steadily sank to half of its old size — after the share price was driven by exuberance as the dealmaking CEO took over and started to remake the pipeline. Noting that the proxy firms’ decision to side with Saunders against a proposal from activists at Appaloosa definitely shifted the odds more in his favor, Goodman underscores that there’s a strong desire for change at Allergan — change that shouldn’t have to wait.
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