Progenics Investors Seek Changes at the Top as Activist Gains Traction
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Progenics Pharmaceuticals Inc.’s disappointing performance has driven some investors to side with activist shareholder Velan Capital LP as they push for significant changes.
A slow launch for its sole wholly owned drug Azedra has prompted Velan, the company’s second-largest holder, and others to threaten to shake up the drugmaker’s board. One of Progenics’s top 10 stakeholders told Bloomberg that they have more confidence in Velan’s team than the drugmaker’s current management.