Starboard Value disclosed a 4.6 percent stake in Perrigo, making the activist investor one of the Dublin-based drugmaker's biggest shareholders.
Starboard, in a letter to Perrigo's chief executive and board on Monday, called the company "deeply undervalued."
Perrigo spurned Mylan's takeover bid in 2015, telling shareholders that its standalone strategy would create more value.
"Unfortunately, since that time, results have gone decidedly in the wrong direction, and management's promises have been woefully unfulfilled," Starboard said.
It said that material change is necessary to reverse the company's trajectory of poor operating and financial performance.
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