Indivior PLC (LSE:INDV)’s largest shareholder, Scopia Capital Management, sold 20mln shares in the pharma group, representing 2.8% of the total issued share capital.
They were sold for 250p each, discounted from the 260.6p closing price on Tuesday.
Following completion of the placing, coordinated by broker Jefferies, Scopia will hold 96.8mln shares or 13.5% of the company and will remain the top shareholder.
Scopia will retain its seat on the FTSE 250 group’s board and “remains a committed long-term shareholder”, Jefferies said in a regulatory filing.
Indivior, which won’t receive any proceeds, is still the top holding in its investment portfolio.
Shares dipped 2% to 255.4p on Wednesday morning.