Indivior extends deal with investor Scopia to keep boardmember Jerome Lande

Pharma group Indivior has extended its deal with shareholder Scopia Capital Management that will see the latter's representative Jerome Lande stay on the board until the end of next year.

Lande has been a boardmember since March 2021, at which time Scopia held a 16.9% interest in Indivior. That shareholding has since fallen to 7%, but the company believes Lande has benefitted the company and its shareholders' interests greatly.

Lande was brought on to the board in the wake of a mis-selling scandal at Indivior in 2020, which saw its former chief executive jailed and cost the company $600m in fines from the US Department of Justice.

In a statement on Friday, Indivior said: "Scopia is a valued longstanding shareholder of the company and, having considered the positive contributions Mr Lande has made as Scopia's representative director and the continued shareholder perspective and capital markets experience he brings, the board believe his ongoing service will continue to benefit the company and serve all shareholders' best interests."

Indivior also announced that it has lowered the threshold to terminate its relationship agreement with Scopia to a 3% stake, from 5% previously.

The stock was down 0.2% at 1,296p by 0816 GMT.