Actelion response on recent shareholder communication
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Actelion Pharmaceuticals Ltd /
Actelion response on recent shareholder communication
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ALLSCHWIL/BASEL, SWITZERLAND - 04 February 2011 - On behalf of the board of
Directors of Actelion Ltd (SIX: ATLN), the Vice Chairman, Mr. Joe Scodari,
issued today a letter response on recent public communication made by its
shareholder Elliott Advisors (UK) Ltd.
Thank you for your letter dated February 3(rd) 2011.
As you know, the Board of Directors ("Board") of Actelion welcomes the
opportunity to exchange views with its shareholders, which is why, following
your previous letter dated 21 December 2010, our Vice-Chairman, Joe Scodari,
agreed to a meeting with you on Tuesday, 25 January 2011. At this meeting you
provided useful background regarding your recent decision to start investing in
our company in October 2010 (after the rumors regarding an offer for the
company) and you set out your concerns and suggestions, which you have
reiterated in the above-referenced letter. At that time, we agreed to review
such suggestions with the Board in order that your input could be fully
considered as management and the Board continuously evaluates the best path for
the company and all of its shareholders.
We are, of course, surprised and disappointed that, notwithstanding this, you
have now chosen to make your letter public as opposed to engaging in a
constructive direct dialogue, where the Board can give you its considered
opinion. Specifically, the Board is concerned that your proposed measures and
actions risk destabilizing the company at a point in time when its management
and employees more than ever need to focus on their principal mission: to bring
Actelion's highly promising pipeline of new compounds to fruition, in the
interest of all stakeholders.
This letter constitutes our response to your suggestions. As you have done, and
with reluctance, we will also release this letter to the public.
In respect of your first and second points, the Board unanimously supports Dr.
Jean-Paul Clozel, both as the company's CEO and as executive board member, as
well as Rob Cawthorn as chairman. Since the IPO of Actelion in 2000, Jean-Paul
Clozel has presided over a management team that has created significant
shareholder value, with a total share price growth of over 300% - a dramatic
outperformance of the Nasdaq biotech index over the same period. We do not
believe that voting Dr. Clozel off the Board is in the best interest of the
company, as his scientific knowledge and insight are essential in order to set
the most value creating strategic direction for the company. For this very
reason, it is common for Actelion's global competitors to have their CEO
represented on their respective boards.
At the same time, the Board is fully convinced of Rob Cawthorn's complete
independence and full commitment to act in the interest of all shareholders, and
also continue to believe that his extensive knowledge and experience gained over
many years as a very senior executive in the pharmaceutical industry, including
notably his role as Chairman and CEO of Rhône-Poulenc-Rorer, as well as his deep
knowledge of Actelion, will continue to be invaluable to ensure the company's
continued successful development.
In respect of your third point, we believe your proposal equates to asking the
company to put itself up for sale. The Board continuously reviews Actelion's
strategic positioning. The company has a promising pipeline of more than 10
compounds in clinical development, 3 of which are in Phase III (including
macitentan, which has significant revenue potential), and several projects in
pre-clinical development, forming one of the richest pipelines of compounds in
the industry. Consequently, the Board remains fully supportive of the company's
strategy of focusing on bringing these valuable assets to fruition, building on
our global reach and capabilities as well as using selected partnerships where
suited. We believe this will deliver superior shareholder value compared to
other strategic options, such as a sale of the company, where shareholders would
forego the significant upside inherent in the company's pipeline.
Finally, we would like to clarify that the Board is well aware of its
obligations to act in the best interest of the company and its shareholders, and
has not received any offer to acquire the company.
In your letter you did state your commitment to a long-term effort in working
with the Board to realize substantial shareholder value. We appreciate this and
believe that shareholders' interests are best served by supporting Actelion in
its current strategy.
Notes to the editor:
For those journalists wishing to use an image of Mr Joe Scodari, please download
the image from the following link:
https://actelion.picturepark.com/Website/Mailing.aspx?Action=browseMailings&Mail
ingId=814&PW=bd6272ab-f4d7-4667-9306-8886c7c46c11&UserId=888
Actelion Ltd.
Actelion Ltd is a biopharmaceutical company with its corporate headquarters in
Allschwil/Basel, Switzerland. Actelion's first drug Tracleer®, an orally
available dual endothelin receptor antagonist, has been approved as a therapy
for pulmonary arterial hypertension. Actelion markets Tracleer® through its own
subsidiaries in key markets worldwide, including the United States (based in
South San Francisco), the European Union, Japan, Canada, Australia and
Switzerland. Actelion, founded in late 1997, is a leading player in innovative
science related to the endothelium - the single layer of cells separating every
blood vessel from the blood stream. Actelion's over 2,400 employees focus on
the discovery, development and marketing of innovative drugs for significant
unmet medical needs. Actelion shares are traded on the SIX Swiss Exchange
(ticker symbol: ATLN) as part of the Swiss blue-chip index SMI (Swiss Market
Index SMI®).
For further information please contact:
Roland Haefeli
Vice President, Head of Investor Relations & Public Affairs
Actelion Pharmaceuticals Ltd, Gewerbestrasse 16, CH-4123 Allschwil
+41 61 565 62 62
+1 650 624 69 36
www.actelion.com
--- End of Message ---
Actelion Pharmaceuticals Ltd
Gewerbestrasse 16 Allschwil Switzerland
ISIN: CH0010532478;
Press Release PDF:
http://hugin.info/131801/R/1485691/420886.pdf
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Source: Actelion Pharmaceuticals Ltd via Thomson Reuters ONE
[HUG#1485691]
Unternehmensinformation / Kurzprofil:
Datum: 04.02.2011 - 17:35 Uhr
Sprache: Deutsch
News-ID 51110
Anzahl Zeichen: 7977
contact information:
Town:
Allschwil
Kategorie:
Business News
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