The Deal: Sale Plans Add Twist to Velan's Progenics Campaign

October 17, 2019

O’Melveny partner Tobias Knapp is legal counsel to Progenics Pharmaceuticals as it faces an activist campaign to unseat three of its board members. The move, led by Velan Capital LP, would elect a majority slate of five dissidents using a consent solicitation that would expand the drugmaker’s board to nine members from seven. If the activists are successful, it could derail Progenics’ effort to sell itself in a friendly deal to Lantheus Holdings Inc.

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