Activist investor Caligan discloses 9.7% stake in Anika, nominates two director candidates
07/03/2024 10:07
March 7 (Reuters) - Activist investor Caligan Partners
has disclosed a 9.7% stake in Anika Therapeutics ANIK.O and
nominated two director candidates to the drugmaker's board.
Caligan nominated David Johnson and William Jellison to the
company's board, according to a regulatory filing late on
Wednesday. It previously had roughly a 7% stake, a filing in
September last year showed.
In the new filing, Caligan said Anika's shares "are
significantly undervalued and represent a compelling investment
opportunity".
Caligan, which specializes in healthcare investing, had
previously urged the company to consider strategic alternatives,
including a full sale, as its stock price underperformed and it
faced losses at its joint preservation segment.
In April last year, Anika, which makes osteoarthritis knee
pain relief injection treatments, reached a settlement with
Caligan. It had then appointed former Johnson & Johnson JNJ.N
executive Gary Fischetti as a director to its board.
Shares of Anika, which also makes implants that are used in
soft tissue repair procedures, closed at $26.03 on Wednesday,
versus the peak of $75.72 hit in 2019.
(Reporting by Manas Mishra and Sriparna Roy in Bengaluru;
Editing by Shilpi Majumdar)
((Sriparna.Roy@thomsonreuters.com))