‘Something needs to change’: An Allergan analyst spells out why next week’s vote could still spark a major revamp


2019-04-26 20:36:05 endpoint News


Just because ISS and Glass Lewis have thrown their weight behind Allergan CEO Brent Saunders in the upcoming shareholder vote at the annual meeting on Wednesday doesn’t mean that die-hard critics have put aside the manifestoes and helmets in preparation for a proper melee. Today SVB Leerink’s Marc Goodman waded into the fray, taking a critical view of the past 3 years under Saunders as the stock price steadily sank to half of its old size — after the share price was driven by exuberance as the dealmaking CEO took over and started to remake the pipeline. Noting that the proxy firms’ decision to side with Saunders against a proposal from activists at Appaloosa definitely shifted the odds more in his favor, Goodman underscores that there’s a strong desire for change at Allergan — change that shouldn’t have to wait. Goodman noted: Even without winning, he adds, the activists can come close enough to persuade Saunders and his team that they need to make some significant moves now. The festering sore at Allergan, he continues, applauding the decision to get ex-Celgene chief Bob Hugin to run the board’s M&A committee, has been at the deal table. Saunders has brought a lot of this unhappiness on his own head, charging ahead when he should have thought better of it. Did Goodman mention the Mohawks? You bet. Even if he wins handily, Saunders will likely remain under intense pressure to restructure the company — or step aside.
仅仅因为 ISS 和 Glass Lewis 在即将于周三举行的年度股东大会上投票中,已经把他们的分量抛在艾尔建(Allergan)首席执行官 Brent Saunders 的后面,并不意味着死气沉沉的批评者已经搁置了宣言和头盔,为合适的近战做准备。 如今, SVB Leelirink 的马克•古德曼( Marc Goodman )卷入了这场争斗,对桑德斯过去3年的股价持批评态度,因为股价稳步跌至原有规模的一半——在交易撮合首席执行官接手并开始重组管道之际,股价受到了繁荣的推动。古德曼指出,代理公司决定与桑德斯一起反对 Appalosa 的活动人士提出的建议,这肯定会更有利于他,古德曼强调,艾尔建(Allergan)有强烈的变革欲望——这种变革不应该等待。 古德曼指出: 他补充说,即使没有赢得胜利,活动人士也能接近桑德斯和他的团队,说服他们现在需要采取一些重大举措。 他继续表示,对让前 Celgene 首席执行官鲍勃•休恩( Bob Hugin )执掌董事会并购委员会的决定表示赞赏,艾尔建(Allergan)的痛楚一直在谈判桌上。 桑德斯在自己的头上带来了很多这种不幸,当他想得更好的时候,就向前冲去。古德曼提过莫霍克斯吗?你打赌。 即使他轻松获胜,桑德斯也可能面临重组公司的巨大压力——或者退出。