<SEC-DOCUMENT>0001140361-23-030956.txt : 20230622
<SEC-HEADER>0001140361-23-030956.hdr.sgml : 20230622
<ACCEPTANCE-DATETIME>20230622163318
ACCESSION NUMBER:		0001140361-23-030956
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230622
DATE AS OF CHANGE:		20230622

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Alkermes plc.
		CENTRAL INDEX KEY:			0001520262
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				981007018
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35299
		FILM NUMBER:		231033789

	BUSINESS ADDRESS:	
		STREET 1:		CONNAUGHT HOUSE
		STREET 2:		1 BURLINGTON ROAD
		CITY:			DUBLIN 4
		STATE:			L2
		ZIP:			00000
		BUSINESS PHONE:		00-353-1-772-8000

	MAIL ADDRESS:	
		STREET 1:		CONNAUGHT HOUSE
		STREET 2:		1 BURLINGTON ROAD
		CITY:			DUBLIN 4
		STATE:			L2
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ANTLER SCIENCE TWO PLC
		DATE OF NAME CHANGE:	20110804

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Antler Science Two Ltd
		DATE OF NAME CHANGE:	20110509

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sarissa Capital Management LP
		CENTRAL INDEX KEY:			0001577524
		IRS NUMBER:				900924432
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		660 STEAMBOAT ROAD
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
		BUSINESS PHONE:		203-302-2330

	MAIL ADDRESS:	
		STREET 1:		660 STEAMBOAT ROAD
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
</SEC-HEADER>
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    <div style="text-align: center; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
    <br>
    <div style="text-align: center; font-size: 18pt; font-weight: bold;">SCHEDULE 14A</div>
    <br>
    <div style="text-align: center; font-weight: bold;">Proxy Statement Pursuant to Section 14(a) of the</div>
    <div style="text-align: center; font-weight: bold;">Securities Exchange Act of 1934</div>
    <br>
    <div>Filed by the Registrant&#8194;&#8201;&#8201;&#9744;</div>
    <br>
    <div>Filed by a party other than the Registrant&#8194;&#8201;&#8201;&#9746;</div>
    <br>
    <div>Check the appropriate box:</div>
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            <td style="width: 18pt; vertical-align: top;">&#9744;</td>
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              <div>Preliminary Proxy Statement</div>
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            <td style="width: 18pt; vertical-align: top;">&#9744;</td>
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              <div>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</div>
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            <td style="width: 18pt; vertical-align: top;">&#9744;</td>
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              <div>Definitive Proxy Statement</div>
            </td>
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            <td style="width: 18pt; vertical-align: top;">&#9746;</td>
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              <div>Definitive Additional Materials</div>
            </td>
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            <td style="width: 18pt; vertical-align: top;">&#9744;</td>
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              <div>Soliciting Material under &#167; 240.14a-12</div>
            </td>
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      <div><br>
      </div>
    </div>
    <div style="text-align: center; font-weight: bold;">Alkermes plc</div>
    <div>
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    <div>
      <div style="text-align: center;">(Name of Registrant as Specified In Its Charter)</div>
      <br>
    </div>
    <div>
      <div style="text-align: center; font-weight: bold;">Sarissa Capital Management LP</div>
      <div style="text-align: center; font-weight: bold;">Sarissa Capital Offshore Master Fund LP</div>
      <div style="text-align: center; font-weight: bold;">Sarissa Catapult Holdings Ltd</div>
      <div style="text-align: center; font-weight: bold;">Sarissa Capital Catapult Fund LLC</div>
      <div style="text-align: center; font-weight: bold;">Sarissa Capital Hawkeye Fund LP</div>
      <div style="text-align: center; font-weight: bold;">ISP Fund LP</div>
      <div style="text-align: center; font-weight: bold;">Sarissa Capital Master Fund II LP</div>
      <div style="text-align: center; font-weight: bold;">Sarissa Capital Athena Fund Ltd</div>
      <div style="text-align: center; font-weight: bold;">Atom Master Fund LP</div>
      <div style="text-align: center; font-weight: bold;">Sarissa Capital Fund GP LP</div>
      <div style="text-align: center; font-weight: bold;">Sarissa Capital Fund GP LLC</div>
      <div style="text-align: center; font-weight: bold;">Sarissa Capital Offshore Fund GP LLC</div>
      <div style="text-align: center; font-weight: bold;">Sarissa Capital Management GP LLC</div>
      <div style="text-align: center; font-weight: bold;">Alexander J. Denner, Ph.D.</div>
      <div style="text-align: center; font-weight: bold;">Patrice Bonfiglio</div>
    </div>
    <div>
      <div style="text-align: center; font-weight: bold;">Sarah J. Schlesinger, M.D.</div>
      <br>
      <div style="text-align: center;">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</div>
      <br>
    </div>
    <div>Payment of Filing Fee (Check all boxes that apply):<br>
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                <div>No fee required</div>
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                <div>Fee paid previously with preliminary materials</div>
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                <div>Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</div>
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    <div style="color: #000000;">This filing contains a press release issued on June 22, 2023 by Sarissa Capital.</div>
    <div>
      <div>
        <div>&#160;</div>
      </div>
      <div>
        <div style="text-align: center; font-weight: bold;"><a name="z_Hlk138237426"></a>INDEPENDENT PROXY ADVISORY FIRM ISS AGREES WITH SARISSA CAPITAL THAT SHAREHOLDERS&#8217; INTERESTS WOULD BE BEST SERVED WITH DIRECT SHAREHOLDER REPRESENTATION ON THE
          ALKERMES BOARD</div>
        <div><br>
        </div>
        <div style="text-align: center; font-style: italic;">Questions the integrity of Chairman and CEO Richard Pops and the accuracy of what management has communicated to the Alkermes Board</div>
        <div><br>
        </div>
        <div style="text-align: center; font-style: italic;">Concludes that Alkermes&#8217; leadership lacks either the ability or desire to manage its exorbitant spending</div>
        <div><br>
        </div>
        <div style="text-align: center; font-style: italic;">Determines that absent shareholder representation on the Board, Alkermes may &#8220;squander&#8221; the &#8220;windfall&#8221; from the recent Janssen decision</div>
        <div><br>
        </div>
        <div style="text-align: justify;">Greenwich, CT, June 22, 2023 &#8211; Sarissa Capital Management LP (&#8220;Sarissa&#8221;) today made the following additional statement regarding the recent report on Alkermes plc (NASDAQ: ALKS) issued by independent proxy advisory
          firm Institutional Shareholder Services Inc. (&#8220;ISS&#8221;):</div>
        <div><br>
        </div>
        <div style="text-align: justify;">We commenced this proxy contest on the basis that shareholder representation is essential for Alkermes to reach its true potential. The company has long suffered under the leadership of Chairman and CEO Richard
          Pops, and the Board has failed to hold him and other members of management accountable, to the significant detriment of the owners of the company&#8212;its shareholders. To the contrary, at the urging of Pops, the Board has allowed management to spend
          almost $10 million dollars of shareholder capital to keep the company&#8217;s largest active shareholder, who has a stellar track record and a position worth more than $450 million, out of the boardroom.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">Shareholders should ask themselves a simple question &#8211; why would a purportedly well-functioning company undertake such actions? The answer is simple: the Board is dominated by a CEO with a tenure of 30 years who
          has a history of profligate spending, and the last thing that Pops (and his controlled Board) want is a real change agent that will provide the necessary oversight and accountability to run the company for the benefit of its true owners.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">You don&#8217;t need to take our word for these conclusions. ISS has validated our position and concluded that Sarissa has &#8220;<font style="font-weight: bold; font-style: italic;">made a compelling case that this is the
            right moment for incremental change in the boardroom</font>.&#8221;</div>
        <div><br>
        </div>
        <div style="text-align: justify;">Among other concerns about Alkermes, ISS stated in its recent report that:</div>
        <div><br>
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              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>&#8220;[T]he persistently negative operating margins, <font style="font-weight: bold; font-style: italic;">even in the face of the company's commitment to profitability targets, is troubling</font>&#8221;;</div>
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              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>&#8220;[T]he implication of this trend [significant increases in SG&amp;A spend relative to sales] is that the <font style="font-weight: bold; font-style: italic;">company's leadership lacks either the ability or the desire to reduce
                    spending relative to revenue</font>&#8221;;</div>
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              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>&#8220;[T]he <font style="font-weight: bold; font-style: italic;">persistent negative return on investment at ALKS is unsustainable</font>. Whereas peers have demonstrated that positive ROIC is at least possible, ALKS shareholders have not
                  experienced it in many years&#8221;;</div>
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              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>&#8220;<font style="font-weight: bold; font-style: italic;">The persistently low gross margin is the problem</font>, not the change in recent quarters. For reference, if ALKS had achieved gross margins in line with the peer median since the
                  introduction of the [Value Enhancement Plan], <font style="font-weight: bold; font-style: italic;">it would have delivered approximately $370 million more gross profit between Q4 2020 and Q1 2023</font>&#8221;;</div>
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              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold; font-style: italic;">&#8220;[T]he board's ability to oversee management may be constrained by the combined long tenures of the Chairman/CEO [Richard Pops] (in CEO role since 1991) and [Nancy Wysenski] the lead
                    independent director (10-year board tenure)</font>. The&#8230;obstacles to direct interaction between Sarissa and independent directors <font style="font-weight: bold; font-style: italic;">raises questions about the accuracy of what was
                    communicated to the board and the dissident by management</font>&#8221;; and</div>
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              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>&#8220;[T]he <font style="font-weight: bold; font-style: italic;">company's leadership has not demonstrated a commitment to lowering costs as a percent of revenues</font>, and there is risk that the spending windfall [from the Janssen
                  settlement] <font style="font-weight: bold; font-style: italic;">will be squandered</font>&#8230;&#8221;</div>
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        <div style="text-align: justify;">ISS concluded its analysis by stating that:</div>
        <div><br>
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              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Sarissa Capital &#8220;<font style="font-weight: bold; font-style: italic;">has made a compelling case that the prolonged inability of the incumbent leadership of Alkermes to transition to profitability warrants change in the boardroom</font>&#8221;;


                  and</div>
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              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>A Sarissa Capital &#8220;<font style="font-weight: bold; font-style: italic;">nominee is needed on the board to add urgency and pressure on management to change</font>&#8221;;</div>
              </td>
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        <div><br>
        </div>
        <div style="text-align: justify;">Fellow Alkermes shareholders face an important decision at the upcoming annual shareholder meeting. Like ISS, we believe it is important to add direct shareholder representation to the Alkermes board. In our view,
          shareholder representation is critical to unlock the true potential of Alkermes and to provide the necessary oversight and accountability to prevent a reversion to the status quo of the last 30 years of underperformance under the leadership of
          Chairman and CEO Richard Pops. We hope that shareholders will focus on the substance of the case for change that we have clearly made, as reflected in the ISS report.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">Your vote at Alkermes' Annual General Meeting of Shareholders on June 29, 2023 is very important.&#160; <font style="font-weight: bold;">We urge all shareholders to vote "<u>FOR</u>" the election of the Sarissa
            Nominees, &#8220;<u>AGAINST</u>&#8221; the compensation of the Company&#8217;s named executive officers, and "<u>FOR</u>" all other proposals in our proxy statement.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;">For additional information, please visit our website at <font style="color: rgb(0, 112, 192);"><u>upgradealkermes.com</u></font>.</div>
        <div style="text-align: justify;">#UpgradeAlkermes</div>
        <div><br>
        </div>
        <div style="text-align: justify;">If you have any questions regarding your BLUE universal proxy card or need assistance in executing your proxy card, please contact:</div>
        <div><br>
        </div>
        <div style="font-weight: bold;">D.F.&#160; King &amp; Co., Inc.</div>
        <div>Shareholders call Toll-Free: (866) 207-3648</div>
        <div>All Others Call: (212) 493-6952</div>
        <div>Email: <font style="color: rgb(0, 112, 192);"><u>ALKS@dfking.com</u></font></div>
        <div><br>
        </div>
        <div>You can vote in one of three easy ways: by internet at <font style="color: rgb(0, 112, 192);"><u>www.cesvote.com</u></font>, by telephone at 1-888-693-8683 or by mail using the <font style="font-weight: bold;"><u>BLUE</u></font> universal
          proxy card and postage-paid envelope sent to you.</div>
        <div><br>
        </div>
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          <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">- 2 - </font></div>
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        </div>
        <div>If you vote by internet or telephone, you will be required to provide the unique control number printed on your <font style="font-weight: bold;"><u>BLUE</u></font> universal proxy card.</div>
        <div>&#160;</div>
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              <td style="width: 72pt; vertical-align: top;">Contact:</td>
              <td style="width: auto; vertical-align: top;">
                <div>Dayna Packes</div>
                <div>
                  <div>Sarissa Capital Management LP</div>
                  <div style="color: rgb(0, 112, 192);"><u>info@sarissacap.com</u></div>
                </div>
              </td>
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        <br>
        <div style="font-weight: bold;">Additional Information</div>
        <div><br>
        </div>
        <div style="text-align: justify;">Sarissa Capital Management LP (&#8220;Sarissa Capital&#8221;), together with other participants, filed a definitive proxy statement and an accompanying BLUE universal proxy card with the SEC on June 2, 2023, in connection with
          the solicitation of shareholders of the Company for the 2023 annual general meeting of shareholders (the &#8220;Annual Meeting&#8221;).&#160; Shareholders are advised to read the definitive proxy statement and other documents related to the Annual Meeting as they
          contain important information.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">The definitive proxy statement and other relevant documents are available at no charge on the SEC&#8217;s website at <font style="color: rgb(0, 112, 192);"><u>www.sec.gov</u></font>.&#160; The definitive proxy
          statement and other relevant documents filed by Sarissa Capital are also available at no charge at <font style="color: rgb(0, 112, 192);"><u>www.upgradealkermes.com</u></font> or by directing a request to Sarissa Capital&#8217;s proxy
          solicitor, D.F.&#160; King &amp; Co., Inc., 48 Wall Street, New York, New York 10005 (Shareholders can call toll-free: (866) 207-3648).</div>
        <div><br>
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        <div style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">- 3 - </font> </div>
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