ANIK

Activist investor Caligan discloses 9.7% stake in Anika, nominates two director candidates

March 7 (Reuters) - Activist investor Caligan Partners has disclosed a 9.7% stake in Anika Therapeutics ANIK.O and nominated two director candidates to the drugmaker's board.

Caligan nominated David Johnson and William Jellison to the company's board, according to a regulatory filing late on Wednesday. It previously had roughly a 7% stake, a filing in September last year showed.

In the new filing, Caligan said Anika's shares "are significantly undervalued and represent a compelling investment opportunity".

Caligan, which specializes in healthcare investing, had previously urged the company to consider strategic alternatives, including a full sale, as its stock price underperformed and it faced losses at its joint preservation segment.

In April last year, Anika, which makes osteoarthritis knee pain relief injection treatments, reached a settlement with Caligan. It had then appointed former Johnson & Johnson JNJ.N executive Gary Fischetti as a director to its board.

Shares of Anika, which also makes implants that are used in soft tissue repair procedures, closed at $26.03 on Wednesday, versus the peak of $75.72 hit in 2019.

(Reporting by Manas Mishra and Sriparna Roy in Bengaluru; Editing by Shilpi Majumdar)

((Sriparna.Roy@thomsonreuters.com))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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