June 13 Quick Takes: Alkermes, Sarissa trade messages ahead of proxy fight

In a letter to shareholders of Alkermes plc (NASDAQ:ALKS), Sarissa Capital made its case that the biotech would benefit from the “oversight and accountability” provided by three of its nominees to the company’s seven-member board, setting up a proxy fight. The firm owns nearly $450 million worth of Alkermes’ shares. In its own letter to shareholders, Alkermes touted its stock’s outperformance of its peers and biotech indexes since it implemented its Value Enhancement Plan in late 2020. An annual meeting is scheduled for June 29.

Food allergy company Alladapt Immunotherapeutics Inc. said multi-allergen immunotherapy ADP101 led to desensitization to 600mg or more of at least one protein at 40 weeks in 38.1% of subjects at the low dose and 55.0% at the high dose, compared with 20.0% for placebo, in the Phase I/II Harmony study. The biotech said the product’s safety and tolerability profile were favorable. Well-funded Alladapt raised $119 million in a June 2022 round led by Enavate Sciences, backed by Patient Square Capital...