--First Manhattan now seeking nine seats on Vivus board
--Vivus says current board includes seven independent
directors
--Vivus added four independent directors in last 13 months
(Updates with Vivus response and recent share price.)
By Melodie Warner
Dissident Vivus Inc. (VVUS) shareholder First Manhattan Co.
nominated three more director candidates following the drug maker's
expansion of its board size.
Vivus recently appointed Robert N. Wilson, J. Martin Carroll and
Jorge Plutzky as directors, increasing its board to nine seats.
First Manhattan, which currently holds about 9.9% of Vivus stock
outstanding, has battled with the biopharmaceutical company over
its launch of the weight-loss drug Qsymia. The U.S. Food and Drug
Administration approved Qsymia in July and Vivus started selling
the drug in September.
First Manhattan had unveiled plans in March to seek six board
seats in an effort to overhaul Vivus's entire board.
The investment-advisory firm said Thursday it is adding Alex
Denner, Rolf Bass and Melvin Keating to its board slate for
election at the annual meeting scheduled for July 15.
"Our three additional nominees strengthen an already impressive
slate and present a clearly superior alternative to Vivus's current
board of directors," said Sam Colin, senior managing director at
FMC and a board nominee.
Mr. Denner founded Sarissa Capital Management LP in 2012 and is
a director of Biogen Idec inc. (BIIB) and Enzon Pharmaceuticals
Inc. (ENZN).
Dr. Bass was appointed visiting professor for pharmaceutical
medicine at the University of Basel, Switzerland, in 2007.
Mr. Keating most recently served as president and chief
executive of Alliance Semiconductor Corp. (ALSC) from 2005 to
2008.
Vivus said its current board includes seven independent
directors, four of whom have been added in the last 13 months.
"The Vivus board of directors is comprised of proven business
leaders who possess a broad range of commercial, management,
financial, clinical and operational experience, as well as
expertise in the biopharmaceutical industry and other areas
important to Vivus," the company said in an emailed statement.
Shares recently traded at $14.26, up 5.5%. The stock has risen
about 14% over the past three months.
Write to Melodie Warner at melodie.warner@dowjones.com
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