Alkermes plc announces intent to separate oncology business.
Alkermes plc announced approval by its Board of Directors to explore separating its commercial-stage neuroscience business and development-stage oncology business
The company, together with the Board and external financial and legal advisors, plans to explore a separation of the oncology business into an independent, publicly-traded company (Oncology Co.) as part of an ongoing review of strategic alternatives for the oncology business.
Alkermes believes separation of the oncology business into Oncology Co. would: i. Drive a sharp strategic focus for each business; ii. Establish separate and distinct management teams with relevant therapeutic expertise based on each business' unique strategic priorities and opportunities; iii. Simplify capital allocation decision-making and increase flexibility to pursue growth and investment strategies more directly aligned with each business' respective goals; and iv. Enable the capital markets to better assess each business' value, performance and potential, and attract a long-term shareholder base suited to each business.
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