Forest’s Board Grows, As Icahn Gains Second Director’s Seat
This article was originally published in The Pink Sheet Daily
Executive Summary
Dissident shareholder Carl Icahn will have some influence on the succession process as the New York drugmaker seeks a replacement for its retiring octogenarian CEO. Forest still needs to compensate for the loss of blockbuster antidepressant Lexapro, and could consider a sale or dramatic restructuring.
You may also be interested in...
Actavis’ Big Bet On A Diversified Hybrid Model
Actavis’ proposal to buy Forest Labs for $25 billion in stock and cash was driven by consolidating customers and fierce competition in traditional Western markets. Different pressures, namely the tough-to-manage patent cliff, as well as leadership succession issues and investor unrest, drove Forest into the arms of a suitor.
Actavis’ Big Bet On Diversified Hybrid Model Reflects Industry Trends
Actavis’ proposal to buy Forest Labs for $25 billion in stock and cash was driven by consolidating customers and fierce competition in traditional Western markets. Different pressures, namely the tough-to-manage patent cliff, as well as leadership succession issues and investor unrest, drove Forest into the arms of a suitor.
Solomon To Step Aside As Forest Exec; Icahn Wins Another Victory
President and CEO of Forest Laboratories Howard Solomon will retire at the end of the year. Activist investor Carl Icahn has long inveighed against the 85 year-old exec. This could signal a renewed effort to get Forest back on track, now that its Lexapro losses have slashed revenue and a Namenda expiry looms.