Alkermes issues shareholder letter recommending board nominees

Alkermes issued a letter to its shareholders in connection with the company’s upcoming 2023 Annual General Meeting of Shareholders to be held on June 29. The letter details the qualifications and experience of the company’s board of directors, including the seven directors nominated by the Board for re-election at the Annual Meeting. Highlights of the letter include: since the announcement of Alkermes’ Value Enhancement Plan in December 2020, the board has taken action to realign the company’s priorities, refine its strategic and operational focus, and effect governance changes. These actions have translated to a share price increase of 49% and outperformance as compared to its peers by 61%, the XBI biotech index by 83% and the NBI biotech index by 56%. The Alkermes directors that Sarissa Capital is seeking to replace possess a mix of broad-based medical, R&D, operational and strategic skills and experiences. The Board does not believe any of the three director candidates proposed by Sarissa would bring additive skills to the Board. The Board came to this conclusion following an engagement with Sarissa that included meetings between Sarissa and independent directors of the Board and the Board’s Nominating and Corporate Governance Committee interviewing each of the Sarissa nominees. The Board recommends that shareholders vote “for” all seven of the Board’s director nominees.