The old guard is back at Ascendis — but the market is clearly wanting a second opinion before backing the debt-laden health-care conglomerate for a full recovery.

Late last year two prime movers of Ascendis’s acquisitive phase, former CEO Karsten Wellner and co-founder Gary Shayne, were voted back onto the board as nonexecutive directors. The experienced Andrew Marshall, former CEO of Oceana and Nampak, was removed as chair but appointed CEO. Yet it seems likely that Wellner and Shayne could have more boardroom influence at Ascendis as the months roll by...

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