Sarissa Capital’s Denner & Mulligan aim to shakeup Ariad Pharmaceuticals
|February 18th, 2015||
|Activist hedge fund Sarissa Capital, which owns 12.9 million shares or nearly 7% of Ariad Pharmaceuticals (AIRA), is rumored to have placed Ariad’s CEO Harvey Berger in their peep sight and is formulating a proxy tussle. Sarissa Capital, which is managed by Alex Denner and Richard Mulligan, gained a seat on Ariad’s eight member board last year. |
According to CNBC, Ariad shares have fallen about 17 percent in the last 12 months, due to safety concerns for Iclusig, Ariad’s cancer drug. Sources close to Sarissa predict that since Ariad’s company founder Harvey Berger’s chair and also two board member chairs are all up for re-election, Sarissa Capital considers the timing perfect to use their clout to push for a change in leadership.
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