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Home / News / Acacia looks to install its own directors in board shake-up of former Woodford biotech holding
Acacia looks to install its own directors in board shake-up of former Woodford biotech holding
US investor has slammed Arix Biosciences for its ‘history of governance instability’
Acacia Research is proposing to install two of its own directors and axe the current chairman of Arix Biosciences, one of the biotech companies it snatched off of Neil Woodford’s former fund.
On Monday Acacia, which is currently working with Woodford on his comeback venture, requisitioned AGM resolutions to nominate a trio of directors to Arix’s board after calling out the London-listed biotech firm for its “history of governance instability”.
Shareholder broadside at biotech investor Arix’s board
10 April 2021 • 8:20pm
Acacia Research last year bought the 19pc stake in Arix Bioscience that was previously owned by Neil Woodford s fund
Credit: Geoff Pugh
Arix Bioscience, the biotechnology investor backed by restaurant tycoon Richard Caring and biotech entrepreneur Sir Christopher Evans, has been forced to halt two board appointments after its largest shareholder called for a total overhaul in a scathing letter.
Mayfair-based Arix has had to pause the planned hire of two directors due to join the business this month after Acacia Research, an American investor advised by Neil Woodford, said in a damning public letter that the firm faced “seemingly uncontrollable board tumult” and was being led by a “woefully inadequate investment group” after 18 director departures in five years.
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