Allergan Plc said on Thursday former Abbott Laboratories executive Thomas Freyman will join its board, a week after two of its shareholders criticized the drugmaker’s acquisition strategy and board composition.
Allergan, whose director Patrick O’Sullivan will retire from the board in July, said its board will continue to have 12 members of which 10 are independent, following the changes.
Freyman, who retired from Abbott in 2017, most recently served as executive vice president, finance and administration for the company since June 2015.
Last week, two of Allergan’s shareholders, hedge funds Appaloosa Management and Senator Investment Group, asked the drugmaker’s board to split the role of chief executive officer and chairman as well as reconsider its acquisition strategy.
By Ankur Banerjee
As inflation, high interest rates and a tight investment environment continue to create headaches, 72% of CFOs said economic volatility poses the same or greater risk to their business this year compared to 2023 in a recent survey from BDO — and there are more changes afoot.
McMullen, who’s also currently president of Agilent, is set to abdicate both roles on May 1, according to an announcement the company put out Wednesday afternoon. From there, McMullen will spend a few months serving as an advisor to Agilent and to his successor until his retirement becomes final on Oct. 31.
AstraZeneca has concluded its acquisition of China-based clinical-stage biopharmaceutical company Gracell Biotechnologies for $1.2bn. The acquisition, initially agreed in December 2023, positions Gracell as a wholly owned AstraZeneca subsidiary with operations continuing in the US and China.