⏳ Final hours! Save up to 60% OFF InvestingProCLAIM SALE

Medicines Company cuts board size, activist Denner to get more control

Published 03/01/2018, 01:54 PM
Updated 03/01/2018, 02:01 PM
© Reuters. FILE PHOTO: Alex Denner  of Sarissa Capital at Milken Institute Global Conference in Beverly Hills
MDCO_old
-

(Reuters) - Medicines Company (O:MDCO) on Thursday said it was cutting the number of directors on its board, a move that could give billionaire investor Alex Denner greater control.

Shares of the company rose 9.8 percent to $33.62 in afternoon trading.

Medicines Company said in a regulatory filing it was restructuring its board by reducing the number of members to 7 from 12.

The company said it would nominate Denner, along with Fredric Eshelman, Geno Germano, John Kelly, Clive Meanwell, Paris Panayiotopoulos and Sarah J. Schlesinger to the board.

Germano, Panayiotopoulos and Schlesinger have been affiliated with companies Denner had previously invested in.

Denner, a former healthcare lieutenant to activist investor Carl Icahn, runs hedge fund Sarissa Capital Management LP, which has a 2.64 percent stake in Medicines Company, according to Thomson Reuters data.

He has been part of Medicine's Company board since February 2016.

The drugmaker is developing a cholesterol treatment and has an approved shot for cardiovascular care in the U.S. market.

© Reuters. FILE PHOTO: Alex Denner  of Sarissa Capital at Milken Institute Global Conference in Beverly Hills

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.