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(Alliance News) - Pharmaceutical firm Indivior PLC said Wednesday it has appointed four new non-executive directors, while three are set to depart, after signing a relationship agreement with its largest shareholder.
Indivior shares were down 0.4% at 124.00 pence in London early Wednesday.
Indivior agreed to give 16.9% shareholder Scopia Capital Management LP the right to appoint one non-executive director to the Indivior board. The agreement will last until the end of 2023 as long as Scopia holds at least a 10% stake. In return, Scopia agreed to not exercise any voting rights in excess of 20% and to vote in line with the recommendations of the board.
Richmond, Virginia-based Indivior said Scopia's first board representative will be Jerome Lande, a Scopia partner who heads its Special Situations investments. Scopia also will have input on the appointment of an additional new independent non-executive director.
On Wednesday, Indivior said it has appointed Juliet Thompson, Jo Le Couilliard, and Mark Stejbach as independent non-executive directors.
Thompson set up Code Securities, which was acquired by Japanese financial firm Nomura; she later joined Stifel.
Le Couilliard retired from GlaxoSmithKine PLC in 2018, having been on its Global Pharmaceuticals leadership team. She is a non-executive director of pharmaceutical firms Circassia Group PLC, Alliance Pharma PLC and Recordati Spa.
Stejbach was most recently chief commercial officer of biopharmaceutical firm Alkermes PLC.
Among current directors, Senior Independent Director Daniel Tasse will step down at Indivior's annual general meeting on May 6. Dan Phelan will be promoted to replace Tasse as senior independent director, but Phelan also will leave the board, though not until the end of 2022.
Lorna Parker will step down once the additional non-executive director is appointed or in December of this year at the latest, having served six years on the board.
Tom McLellan will remain on the board until the end of his nine-year term in November 2023.
Following the May AGM, Indivior board will have 11 directors.
"After a period of significant strategic change and decisive actions to better position Indivior for future value creation, we are looking to realize the full transformational potential of Sublocade over the coming years," said Chair Graham Hetherington.
Sublocade is Indivior's lead treatment for opioid addiction.
By Tom Waite; thomaslwaite@alliancenews.com
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