Key Summary: On November 9, 2023, Alta Advisers (5%) expressed concern to the Board about potential non-value maximizing funding options for Etripamil. On July 14, 2024, they entered a Cooperation Agreement, leading the company to expand its Board and appoint Stuart M. Duty and Andrew R. Saik as Initial New Directors until the 2024 Annual Meeting.M.Cap: $87 million | Milestone Pharmaceuticals is a biopharmaceutical company focused on the development and commercialization of innovative cardiovascular medicines.
On November 9, 2023, Alta Advisers (5%) sent a letter to the Board expressing concern that the company may pursue non-value maximizing options, such as dilutive equity issuances or expensive debt financings, to fund the commercialization of Etripamil. Alta Advisers believes this approach could harm existing shareholders and undermine the progress made in developing Etripamil. They suggested that the company should explore a sale or a strategic partnership to maximize shareholder value and ensure the successful impact of Etripamil on patients' lives.
On July 14, 2024, Alta Advisers entered into a Cooperation Agreement with the company and pursuant to it, the company expanded its Board to nine directors and appointed Stuart M. Duty and Andrew R. Saik as Initial New Directors to fill vacancies until the 2024 Annual Meeting or earlier resignation. The company agreed to appoint an additional independent director by September 6, 2024. Alta Advisers withdrew its notice to nominate five directors for the 2024 Annual Meeting.
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