Appaloosa steps up pressure on Allergan after failed depression drug trials By Reuters

© Reuters. A sign marks Allergan

© Reuters. A sign marks Allergan’s offices in Medford

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(Reuters) – Hedge fund Appaloosa LP on Thursday reiterated its call for an independent chairman at Allergan (NYSE:) Plc’s board, after the Botox-maker said its depression treatment failed three late-stage studies.

“With this latest fiasco, we again call on the Company to install an independent chairman with suitable experience to bring new leadership to the Board and rein in management’s predilection for value-destruction,” the hedge fund said.

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