BioCentury
ARTICLE | Company News

Vivus endocrine/metabolic news

March 11, 2013 7:00 AM UTC

Vivus investor First Manhattan Co. (FMC) said it plans to nominate a slate of six new directors to the biotech's board and urged Vivus to find a U.S. partner for obesity drug Qsymia phentermine/topiramate. In a letter to CEO Leland Wilson, FMC said the "commercial planning and execution for Qsymia has proven to be deeply flawed," and that the biotech needs a board with "substantially greater independence from management and with deeper experience in several critical areas," including commercial product expertise. Vivus' current six-member board includes Wilson and President Peter Tam. FMC - which has been an investor in Vivus since 2008 and has an 8.8% stake - also outlined areas where the new board could create shareholder value, including through a U.S. partnership for Qsymia. Vivus launched the fixed-dose combination of phentermine and topiramate in the U.S. last September for adults with a BMI of 30 kg/m 2 or greater, or adults with a BMI of 27 kg/m 2 or greater who have one or more weight-related condition. ...