Irenic Sends Letter to Theravance Biopharma Regarding the Urgent Need for a Governance Overhaul, Capital Return and Strategic Review
Despite Months of Private Engagement From Irenic and Presumably Other Investors, Chairman & CEO Rick E. Winningham and Theravance's Board Refuse to Act in Shareholders' Best Interests
Notes Theravance's Total Shareholder Returns are -50% Since Its 2014 Separation and the Company Trades at a Massive Discount Due to Investors' Lack of Confidence in Leadership
Encourages the Board to Reconsider Irenic's Suggested Actions, Including Appointing a Shareholder Representative, Modernizing Entrenching Governance Policies and Returning ~$300 Million in Excess Cash
Sees Clear Path to Unlock Nearly $21 Per Share in Value if the Board Adopts Irenic's Suggestions
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