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Jul 22, 2013
 |  BC Week In Review  |  Company News  |  Other News

Vivus endocrine/metabolic news

Vivus and investor First Manhattan Co. reached a settlement in their ongoing proxy battle that reconstitutes and expands the Vivus board to 11 from nine members. The settlement would see seven of the activist investor's proposed directors - Michael Astrue; Samuel Colin; Alex Denner; Johannes Kastelein; David Norton; Herman Rosenman; and Anthony Zook - join four existing Vivus directors - Martin Carroll; Mark Logan; Jorge Plutzky; and Robert Wilson.

Denner had been a managing director of entities associated with Carl Icahn since 2006, but last year founded hedge fund Sarissa Capital Management. Sarissa has a 2% stake in Vivus. Zook will replace Leland Wilson as CEO of Vivus, according to the terms of the agreement. Zook was president of the MedImmune LLC biologics unit of AstraZeneca plc (LSE:AZN; NYSE:AZN, London, U.K.) in 2008-09 and was EVP for global commercial operations at AstraZeneca until February. Wilson is also among the five current directors who will be departing, which also includes Charles Casamento; Ernest Mario; Linda Shortliffe;...

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