Moshe (Mori) Arkin has resigned as a director at Perrigo Company (Nasdaq:PRGO; TASE:PRGO), severing his last ties with the company that bought Agis Pharmaceuticals from him in 2005 for $818 million.
Agis was founded by Arkin's parents, and he ran the company for 20 years. He resigned from his last management position at the company in 2007.
Arkin also sold part of his 5.6% stake in Perrigo for several tens of millions of dollars.
In the conference call following Perrigo's financial report for its 2010 fiscal year, chairman and CEO Joseph Papa said, "I know he’s been very pleased with the company and the performance of the company, and he has said to me it’s been one of the best-performing stocks in his portfolio, to be clear." He added, "I will comment, though, that he has been a trusted advisor to me, and someone who’s been very helpful to me in helping to drive and direct the success of Perrigo. And I look to him for that in the future as well. So although he’s leaving the day to day part of being on the board, he still will be available as an advisor to me."
Perrigo's share price rebounded today from yesterday's plunge in the aftermath of the financial report. The share price rose 8% on the TASE to NIS 317, and rose 0.4% at the opening on Nasdaq to $89.22, giving a market cap of $8.3 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on August 17, 2011
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