Dissident Holder First Manhattan Adds 3 to Vivus Board Slate

   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' current board of directors," said Sam Colin, senior managing director at FMC and a board nominee.

A Vivus representative wasn't immediately available for comment.

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.

Shares closed Wednesday at $13.52 and were inactive premarket. The stock has fallen 45% over the past year.

Write to Melodie Warner at [e-mail]

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