Pharmaceutical Processing World

  • Home
  • Regulatory
    • Recalls
  • Pharmaceutical Processing
  • Facility
  • Supply Chain
  • Equipment and Materials
  • Contract Manufacturing
  • Resources
    • Voices
  • Advertise
  • SUBSCRIBE

First Manhattan Seeks to Replace Vivus Directors

By Pharmaceutical Processing | June 5, 2013

NEW YORK (AP) — One of Vivus Inc.’s biggest stockholders is asking shareholders to vote for its slate of board nominees, continuing its push for new leadership at the company.

Investment advisory firm First Manhattan Co., which holds 9.9 percent of Vivus’ outstanding stock, is looking for its nine nominees to replace the entire board of the obesity drugmaker. Vivus had expanded its board to nine members from seven last month.

In a letter sent to Vivus Inc. shareholders on Tuesday, First Manhattan said that it still believes Vivus’ stock is undervalued and that the company will never reach full value under its current board.

First Manhattan has criticized Vivus for the failed launch of weight loss drug Qsymia. The Food and Drug Administration approved Qsymia in July, and Vivus started selling the drug in September. It was the second long-term weight loss drug approved in the U.S. since 1999, but sales have not lived up to expectations. In part that’s because insurance coverage remains limited and out-of-pocket costs for patients are high. Qsymia also can’t be dispensed at pharmacies and is only available through mail order.

Vivus shareholders will vote on board members at the Mountain View, Calif., company’s annual meeting on July 15.

Shares of Vivus fell 46 cents, or 3.1 percent, to $14.64 in afternoon trading. The stock has traded in a 52-week range of $9.86 in November to $31.21 in in July.

 

Related Articles Read More >

Driving success in fast-paced high-tech pharma construction projects
This is a photo of the Fujifilm Diosynth Biotechnologies plant under construction in Holly Springs, North Carolina.
Fujifilm, Regeneron ink $3B U.S. manufacturing agreement
This is the logo of Johnson & Johnson.
J&J breaks ground on $2B manufacturing facility in North Carolina
sherwin-williams-pharma-facility (1)
Sherwin-Williams expands flooring solutions for pharma facilities
“ppw
EXPAND YOUR KNOWLEDGE AND STAY CONNECTED
Get the latest news, technologies, and developments in Pharmaceutical Processing.

DeviceTalks Tuesdays

DeviceTalks Tuesdays

MEDTECH 100 INDEX

Medtech 100 logo
Market Summary > Current Price
The MedTech 100 is a financial index calculated using the BIG100 companies covered in Medical Design and Outsourcing.
Pharmaceutical Processing World
  • Subscribe to our E-Newsletter
  • Contact Us
  • About Us
  • R&D World
  • Drug Delivery Business News
  • Drug Discovery & Development
  • DeviceTalks
  • MassDevice
  • Medical Design & Outsourcing
  • MEDICAL TUBING + EXTRUSION
  • Medical Design Sourcing
  • Medtech100 Index
  • R&D 100 Awards

Copyright © 2025 WTWH Media LLC. All Rights Reserved. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media
Privacy Policy | Advertising | About Us

Search Pharmaceutical Processing World

  • Home
  • Regulatory
    • Recalls
  • Pharmaceutical Processing
  • Facility
  • Supply Chain
  • Equipment and Materials
  • Contract Manufacturing
  • Resources
    • Voices
  • Advertise
  • SUBSCRIBE