Are activists losing their clout with biopharma investors?

Yesterday Allergan prevailed over a hedge fund that wanted to split the roles of CEO and chairman, which would have undermined Brent Saunders. The shareholder vote follows Bristol-Myers Squibb’s victory over a dissident investor group that tried to block its acquisition of Celgene.

All of which underlines an interesting trend: The proverbial barbarians are having trouble getting through biopharma’s gate.

The latest outcomes are a stark contrast to years past, in which emulators of Carl Icahn successfully altered the fates of Ariad Pharmaceuticals, Bioverativ, and Ironwood Pharmaceuticals.

The next big test of activist power could soon arrive in the form of the struggling Biogen. In the wake of its painful failure in Alzheimer’s disease, the company “heard the calls from our shareholders” and nominated three new directors to its board. But analysts say that might not be enough to appease disquieted investors, possibly setting the stage for an activist challenge.