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Wednesday, April 6, 2011

Actelion nominates pharma veterans to board, (ATLN)

Actelion Ltd (ATLN.VX) is nominating two pharmaceutical industry veterans to join its board as it ramps up efforts to get shareholders onside ahead of what is likely to be a tense annual general meeting on May 5. The Swiss biotech group has come under fire from largest shareholder Elliott Advisors for eroding shareholder value and the New York-based fund has urged Actelion to consider putting itself up for sale after a spate of product setbacks last year. Elliott, which holds nearly 6 percent of the $7 billion group, has also proposed six new board members to the Actelion board and called for chief executive Jean-Paul Clozel and chairman Robert Cawthorn to step down from the board.