BioMarin announces governance enhancements, value creation initiatives

BioMarin Pharmaceutical announced several initiatives to enhance corporate governance and long-term shareholder value creation. The Board has approved the appointment of three new independent directors: Barbara Bodem, Athena Countouriotis, M.D., and Mark Enyedy effective December 27, 2023. With these appointments, the company’s Board will temporarily expand to 15 directors before returning to 11 directors effective no later than the 2024 annual meeting of stockholders. BioMarin’s Board has also established a new Strategic and Operating Review Committee to conduct a review of the company to maximize its long-term value, including a review of the company’s business, strategy and operations, financial and capital allocation priorities, and long-term planning and priorities. The Strategic and Operating Review Committee will be chaired by BioMarin Board chair Richard A. Meier and will include president and chief executive officer Alexander Hardy, BioMarin director Maykin Ho, Barbara Bodem and Mark Enyedy. The committee will present its recommendations to the full Board. The company has also committed to holding an investor day in 2024. As part of this process and to facilitate collaboration with Elliott Investment Management L.P., one of BioMarin’s largest investors, BioMarin has entered into a Cooperation Agreement with Elliott and agreed to customary standstill, voting, and other provisions. Additionally, Elliott has entered into an information-sharing agreement to allow for a dialogue between Elliott and the company.