Depomed Tensions Remain Even After Company Drops Reincorporation Plan
Activist shareholder Starboard Value called the pharmaceutical company's move "disingenuous" and insisted that there be a meaningful board change.
The San Francisco Business Journal:
Activist Shareholder: Board Change 'Required' At East Bay Drug Company
Activist shareholder Starboard Value LP pledged to continue its fight for change on Depomed Inc.'s board, even after the drug developer dropped a contentious reincorporation plan. In a statement Friday, Starboard said "we remain convinced that meaningful board change is required at Depomed. … There has been no change to our intention to vigorously continue our pursuit of replacing the existing board with a slate of experienced, diverse and independent director candidates that we believe will better serve the company and better protect the rights and best interests of all shareholders." (Leuty, 4/18)
In other news —
The San Francisco Business Times:
Bay Area-Based BioCardia Withdraws Plans To Go Public
Regenerative medicine startup BioCardia on Friday formally withdrew plans for an IPO that it filed for last year. The San Carlos company headed by CEO Peter Altman is developing treatments for heart failure based on a patient's own bone marrow. It had hoped to raise up to $62 million last summer but withdrew its offering in a volatile market when it couldn't find enough interest in its stock. (Schubarth, 4/18)