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Biotech chairman strikes after just 35 days in office

When the board has lost its track, it is necessary to clamp down hard. Recently it led to a group of critical shareholders, powered by NB Capital and Danish Florian Schönharting, clearing out the board room in a Canadian biotech company. Now the transformation is close to completion with a replacement of the management, massive lay-offs and a brand new strategy.

Without a new board of directors and a new strategy things could have gone very wrong. Billions would have been lost in shareholders’ value and focus on the most promising project would have been too weak. That’s why we react as we do; with a total restructuring of the company, replacement of the management and massive lay-offs of employees.

That was the unflinching an unambiguous message to the shareholders from the new chairman of the board  in the Canadian- and Nasdaq-listed biotech company QLT.

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