(Alliance News) - Indivior PLC on Friday said it changed its existing relationship with Scopia Capital Management LP to keep Scopia representative Jerome Lande on the Indivior board.
Indivior, a Chesterfield, Virginia-headquartered pharmaceutical maker, said the agreement will be extended by a further year until the end of 2024. The threshold for automatic termination will be changed.
Scopia is Indivior's largest shareholder.
Under the term extension, Scopia Representative Director Lande will continue to serve Indivior. "The board believe his ongoing service will continue to benefit the company and serve all shareholders' best interests," Indivior said.
Further, the agreement will now terminate if Scopia has a stake lower than 3% in Indivior's issued share capital, down from 5%. In June, Scopia's stake in Indivior was slimmed to just below 7% from just below 9%.
Indivior shares were 1.2% higher at 1,315.00 pence each on Friday morning in London.
By Tom Budszus, Alliance News reporter
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Indivior (INDV)