Shares of Perrigo Co. PLC surged 2.9% in premarket trade, after activist investor Starboard Value LP disclosed a 4.6% stake in the drug maker. Starboard said in a press release Monday that it believes Perrigo’s stock trades at a “significant discount to fair value,” and that “substantial opportunities exist” to boost shareholder value. The stock had plunged 39% year to date through Friday, while the SPDR Health Care Select Sector ETF had lost 0.7% and the S&P 500 had gained 4.1%. Perrigo’s stock has gained 3.4% since it closed at a five-year low of $85.80 on Aug. 11. The Wall Street Journal reported over the weekend that Starboard had built an equity stake in Perrigo, and sent a letter to Perrigo urging the company refocus on its core business.
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