FMC wants new Vivus board, strategy

Vivus Inc. (NASDAQ:VVUS) 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.

Last month, shares of Vivus slid 12% after the company recorded $2 million in 4Q12 net Qsymia revenue, falling short of the Street's $3.1 million estimate. The biotech launched the drug in the U.S. in September. ...