Indivior PLC (LSE:INDV) said it remains open-minded about proposals from Oaktree Capital Management LP aimed at enhancing shareholder value, despite the activist investor's call for a board overhaul.
The specialty pharma group, which makes opioid withdrawal drugs, said it had been actively engaging with Oaktree in recent weeks and reiterated its commitment to its current strategy while prioritising the best interests of all shareholders.
Oaktree, which holds a 7.5% stake in Indivior, urged for a significant refresh of the board, suggesting the need for new directors committed to improving shareholder outcomes.
The investment firm criticised Indivior's strategic direction, particularly its failure to adequately address competition and issues with spending priorities.
Oaktree highlighted specific concerns regarding Indivior's handling of competition from Brixadi, as well as what it described as unproductive acquisitions and excessive spending on research and development.