Perrigo Glows From Mucinex Private Label Plan, Starboard Plug
Perrigo plans to introduce two more Mucinex store brand products within six months after a series of manufacturing stumbles, CEO John Hendrickson says. The firm's private label prowess, says activist investor Jeffrey Smith, is insurance that it will grow as e-commerce grows.
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Perrigo plans late September launch of a store brand OTC of Nexium 24HR after FDA’s ANDA approval and settlement of patent litigation with AstraZeneca. But it faces competition from Aurobindo's generic OTC esomeprazole 20 mg delayed-release capsules.
Some sort of "pharmacy intervention" could aid switches, CEO Hendrickson says; board bloc is still pushing to divest the generic Rx segment but apparent second-quarter sales validation isn't enough to persuade Hendrickson to stay on.
OTC private label giant agrees with Starboard, which owns around 6.7% of Perrigo's shares, to immediately add to Perrigo's board Starboard CEO Jeffrey Smith and two other members recommended by the hedge fund: former Pfizer CEO Jeffrey Kindler and Nestle USA executive Bradley Alford.