Allergan rattled by investor calls for 'disruptive action'

8 March 2019

Allergan (NYSE: AGN) chief executive Brent Saunders faces a second headache in as many days, after activist investor Appaloosa stepped up the pressure for an independent chairman at the company.

On Wednesday the firm revealed its innovative depression therapy rapastinel flopped three pivotal studies, striking a blow to hopes that Allergan could rival Johnson & Johnson’s (NYSE: JNJ) newly-approved option Spravato (esketamine).

Analysts have also expressed concern over the thinness of the company's late-stage pipeline.

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