BMRN - BioMarin establishes strategic review committee expands board

2023-12-20 17:01:11 ET

BioMarin ( NASDAQ: BMRN ) said that it has established a strategic review committee, temporarily expanded its board and entered into a cooperation agreement with key investor Elliott Investment Management.

The biotech company said the new Strategic and Operating Review Committee will conduct a review of the company to "maximize its long-term value." The committee will be headed by BioMarin Chair Richard Meier and include CEO and President Alexander Hardy along with three directors. BioMarin has also committed to holding an investor day in 2024.

The company has also entered into a cooperation agreement with Elliott, one of its biggest investors, and "agreed to customary standstill, voting and other provisions." Elliott has also entered into an information-sharing agreement to allow for dialogue between it and the company, BioMarin said in a statement .

BioMarin also said its board has appointed three new independent directors, Barbara Bodem, Dr. Athena Countouriotis and Mark Enyedy, effective Dec. 27. Their appointments temporarily increases the number of directors to 15. The number will drop back down to 11 no later than the 2024 annual shareholders meeting.

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