Allergan Plc is on course to defeat a non-binding shareholder resolution tabled by David Tepper’s hedge fund Appaloosa LP that would have instructed the drugmaker’s CEO Brent Saunders to immediately give up his role as chairman, people familiar with the matter said.
Bristol-Myers Squibb’s shareholders voted to approve the drugmaker’s $74 billion takeover of Celgene despite a campaign by activist hedge fund Starboard Value LP to scuttle the deal.
Allergan Plc’s experimental add-on treatment for depression failed three late-stage studies, casting doubts over the company’s drug pipeline and sending the Botox maker’s shares down nearly 4 percent.
