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Perrigo Targeted by Activist Starboard With New 4.6% Stake

  • Activist critical of missteps since drugmaker rebuffed Mylan
  • Starboard outlines suggestions in letter to Perrigo’s board

Perrigo Co. is being targeted by activist Starboard Value LP, which disclosed a new 4.6 percent stake in the drugmaker and criticized what it called “operational and financial missteps’’ since the company rebuffed Mylan NV’s 2015 takeover offer.

Starboard is urging Perrigo to explore a sale of its prescription pharmaceuticals business and its royalty interest in the Tysabri multiple sclerosis therapy, according to a seven-page letter to Perrigo’s board obtained by Bloomberg. The company should focus on its consumer healthcare over-the-counter business and branded products, Starboard argued.

In the letter dated Sept. 12, Starboard said it’s seeking “to share our preliminary thoughts on issues facing the company and opportunities for improvement, and to begin what will hopefully be a constructive engagement with the goal of driving value creation for the benefit of all...