July 14 (Reuters) – Vivus Inc said it has invited
three of the nominees proposed by its top investor First
Manhattan Co (FMC) to join its board, regardless of the outcome
of the vote at the obesity drugmaker’s annual meeting.
The annual shareholder meeting of California-based Vivus
will be held on July 15.
FMC, a New York-based investment advisory firm, has
repeatedly criticized Vivus saying it badly mishandled the
launch of its obesity drug Qsymia and failed to land a large
company partner with deep pockets and a big enough sales force
to help the drug reach its blockbuster potential.
In a press release sent late Saturday, Vivus said it has
invited Michael Astrue, Alex Denner and David Norton, or any
other FMC nominee who is among FMC’s three highest in the proxy
vote, to join the drugmaker’s board.
A FMC spokesman declined to comment.
In March, FMC said it would seek to replace six of Vivus’
nine board members. But in May, the investment firm, which has a
9.9 percent stake in Vivus, revised its plan to try to replace
the entire slate of nine directors at the company’s annual
shareholder meeting.
FMC adviser took its fight one step further earlier this
month when it named the CEO it would bring in if it was
successful in its campaign. The investor chose former
AstraZeneca Plc senior executive Anthony Zook to replace
longtime Vivus CEO Leland Wilson.
