2023-04-12 13:19:01 ET
Theravance Biopharma ( NASDAQ: TBPH ) rose 0.4% as the company announced it appointed a new director to the board.
Theravance ( TBPH ) added Jim Kelly, Managing Director at Weiss Asset Management, the company's second largest shareholder, to its board, according to a statement on Tuesday. Weiss owned 7.46 million shares, or a 12% stake, as of the end of Dec.
The board addition comes as activist investor Irenic Capital in late February called on the company's board to undertake a strategic review, among other measures. Irenic also want a cut in overhead costs.
Irenic Capital is pleased with the the board addition announcement, the activist said in a statement on Wednesday.
'We respect and admire Jim’s investment acumen and thoughtfulness, and believe he brings a much-needed shareholder perspective to the boardroom," Irenic said in the statement. "We are pleased the Theravance board added him. The recent steps to increase the extent of the company’s capital return program, modestly refresh the board and submit a proposal to declassify the board are steps in the direction of improved capital allocation and good governance."
Irenic added that it wants the Theravance ( TBPH ) to immediately announce a strategic review of alternatives, accelerate the pace of the capital return program and make a "real" commitment to declassifying the board.
Theravance ( TBPH ) is scheduled to present at the Needham healthcare conference on Monday.
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Theravance Biopharma ticks higher amid appointment of new director