Investment fund Oaktree Capital Management has raised its stake in Indivior Plc (NASDAQ: INDV) to become its second-largest shareholder, days after the British drugmaker issued a profit warning and signaled a slowdown in sales of its top-selling opioid addiction treatment.
Oaktree, which specializes in providing rescue funding to struggling firms, disclosed a 6.3% stake in Indivior, a filing showed on Friday.
Oaktree had a 2.5% stake in the drugmaker, according to LSEG data. Investment manager Two Seas Capital is the top shareholder with a nearly 10% ownership.
Indivior, which moved its primary listing to New York last month, has been facing intense competition in the United States for its opioid drug Sublocade from the launch of a rival, Brixadi.
The drugmaker said earlier this week it would discontinue sales of its schizophrenia drug Perseris, resulting in 130 job cuts.
(Source: Reuters)
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