Alkermes shareholders voted Thursday to re-elect all of the drugmaker’s current directors, ending an acrimonious proxy fight with hedge fund Sarissa Capital Management, which had sought to seat three directors on the board.
At the company’s annual meeting, shareholders voted in favor of Alkermes’ proposal to retain all seven of the director nominees to the 11-person board.
The outcome is a setback for Sarissa, which owns 8.5% of Alkermes and is run by activist investor Alex Denner. Sarissa has accused Alkermes executives of mismanaging the business and destroying shareholder value.