Jones had challenged the validity of the agreement, particularly criticizing its clauses that limited board expansion and mandated shareholder endorsement for Elliott’s nominees. He deemed these provisions unenforceable, prompting his legal challenge.
Further Developments and Legal Maneuvers
In a proactive move, BioMarin’s board had already nominated the trio—Bodem, Countouriotis, and Enyedy—for the upcoming annual meeting, as disclosed in recent filings with the U.S. Securities and Exchange Commission. However, the lawsuit took a definitive turn on April 11 when Elliott officially waived the contentious parts of the agreement, according to documentation linked to the court’s decision.
Company Profile and Representation
Founded in 1997 and based in San Rafael, California, BioMarin stands as a global leader in biotechnology, focusing on therapies for rare genetic disorders. The company’s legal representation includes Blake Rohrbacher from Richards Layton & Finger PA and Marjorie P. Duffy from Jones Day.
