(Reuters) -Indivior said on Tuesday its finance chief Ryan Preblick will step down as the British drugmaker makes changes to its board following pressure from No. 2 shareholder Oaktree Capital.
The maker of opioid addiction treatment Sublocade has been engaged in conversations with Oaktree Capital Management following the investment fund’s repeated calls for the drugmaker to refresh its board and take strategic actions to recover its falling market share.
Indivior also appointed Robert Schriesheim and Joe Ciaffoni as independent non-executive directors, and said it has agreed to move towards a more standard U.S. system of remuneration for directors following its recent primary listing in New York.
“We believe the constructive actions Indivior’s Board has undertaken, together with the appointment of these new independent directors, will accelerate the Company’s operational execution and enhance long-term shareholder value,” said Andrew West, Managing Director in Oaktree’s Value Opportunities Group.
In October, the company had issued its second profit and revenue warning in the span of three months after sales for Sublocade remained weak against Swedish pharmaceutical firm Camurus’ competing drug Brixadi.
(Reporting by Yadarisa Shabong in Bengaluru and Yamini Kalia; Editing by Sherry Jacob-Phillips and Mrigank Dhaniwala)
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