Indivior (INDV) Announces Further Changes to Board of Directors Amid Pressures From Oaktree
Key Summary: On October 4, 2024, Oaktree Capital Group Holdings (7%) intends to meet with the Board and management to explore strategies for increasing shareholder value, including capital allocation, structural adjustments, and potential sale options. On September 22, 2023, Two Seas Capital (10%) discussed joining the Board with CEO Mark Crossley but decided against the appointment. They continue discussions with management and the Board to enhance shareholder value and improve corporate governance. On March 4, 2025, the company stated that it will reduce its Board to seven directors at the 2025 AGM
Market Cap: $1.2 billion | Indivior PLC, together with its subsidiaries, engages in the development, manufacture, and sale of buprenorphine-based prescription drugs for the treatment of opioid dependence and co-occurring disorders.
- On September 22, 2023, Two Seas Capital (10%) discussed the possibility of joining the Board with Mark Crossley, the CEO of the company. However, it was decided not to proceed with this appointment. Two Seas Capital has ongoing discussions with the management and Board regarding their investment and may explore options to maximize shareholder value and improve corporate governance. Source
- On October 4, 2024, Oaktree Capital Group Holdings (7%) plans to discuss with the Board and management ways to increase shareholder value, focusing on capital allocation, capital structure adjustments, and exploring strategic alternatives, potentially including a sale of the company. Source
- On November 6, 2024, Oaktree Capital Group Holdings expressed concerns to the board regarding the company's poor performance over the past year and a more than 50% drop in stock price. They cited strategic and communication failures, particularly regarding competition for the core product Sublocade and guidance reductions, which heightened investor worries about the board's accountability. Oaktree urged immediate action to address these issues and called for board refreshment with directors committed to improving shareholder value, while expressing a willingness to work constructively with the board, noting that shareholders would support necessary changes. Source
- On March 4, 2025, the company stated that it will reduce its Board to seven directors at the 2025 AGM, with Peter Bains and Jo LeCouilliard not seeking re-election. Robert Schriesheim has resigned, effective March 2, 2025. The Company will search for a new Independent Non-Executive Director, subject to Oaktree's approval. Source
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