Deals
Perrigo Targeted by Activist Starboard With New 4.6% Stake
- Activist critical of missteps since drugmaker rebuffed Mylan
- Shares gain early Monday, are down 40% since Mylan bid failed
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Perrigo Co. is being targeted by activist Starboard Value LP, which disclosed a new 4.6 percent stake in the drugmaker and criticized what it called “operational and financial missteps’’ since the company rebuffed Mylan NV’s 2015 takeover offer.
Starboard is urging Perrigo to explore a sale of its prescription pharmaceuticals business and its royalty interest in the multiple sclerosis therapy Tysabri, according to a seven-page letter to Perrigo’s board obtained by Bloomberg. The company should focus on its consumer health care over-the-counter business and branded products, Starboard argued. The fund’s stake is worth about $585 million, as of Friday’s closing price.