Rumors swirl of Vivus, First Manhattan settlement

Vivus Inc. (NASDAQ:VVUS) and investor First Manhattan Co. declined to comment on multiple rumors that the two entities are in talks to settle an ongoing proxy battle. Vivus was slated to hold its annual shareholder meeting on Thursday after delaying the meeting from Monday (see BioCentury Extra, July 15).

First Manhattan has been a Vivus shareholder since 2008 and holds a 9.9% stake in the company. The firm, which has been dissatisfied with Vivus' launch of obesity drug Qsymia phentermine/topiramate, has been seeking to add a slate of nine directors to Vivus' board. Earlier this month, the firm said Anthony Zook agreed to serve as Vivus' CEO. ...