• SKIP TO CONTENT
  • SKIP NAVIGATION
  • Patient Resources
    • COVID-19 Patient Resource Center
    • Clinical Trials
    • Search Clinical Trials
    • Patient Notification System
    • What is Clinical Research?
    • Volunteering for a Clinical Trial
    • Understanding Informed Consent
    • Useful Resources
    • FDA Approved Drugs
  • Professional Resources
    • Research Center Profiles
    • Clinical Trial Listings
    • Market Research
    • FDA Approved Drugs
    • Training Guides
    • Books
    • eLearning
    • Events
    • Newsletters
    • JobWatch
    • White Papers
    • SOPs
    • eCFR and Guidances
  • White Papers
  • Trial Listings
  • Advertise
  • COVID-19
  • iConnect
  • Sign In
  • Create Account
  • Sign Out
  • My Account
Home » VIVUS, First Manhattan reach settlement agreement

VIVUS, First Manhattan reach settlement agreement

July 19, 2013
CenterWatch Staff

Mountain View-based pharma company Vivus and New York-based First Manhattan (FMC), an owner-managed and operated investment advisory firm and the owner of 9.9% of Vivus’ outstanding shares, said they have entered a settlement agreement regarding their proxy contest related to Vivus’ 2013 annual meeting.

Five member of the board will resign, and six FMC nominees will be appointed. The board was expanded from nine to 11 members.

Anthony P. Zook is expected to be named Vivus' new CEO and be appointed to the board. Vivus agreed to nominate a total of 11 members for election to the board at the annual meeting, including the six FMC nominees and Zook, who is expected to succeed Leland Wilson, who will depart as Vivus' CEO. Wilson has agreed to serve in an advisory role to ensure a seamless leadership transition.

Samuel F. Colin, M.D., senior managing partner at FMC, said, "We are grateful for the strong support we have received from Vivus stockholders. The new board and Tony Zook share a strong commitment to realizing Vivus' true potential and putting the company on a trajectory of growth and value creation. We want to acknowledge the enormous accomplishments of Leland Wilson and Peter Tam in identifying and developing the most efficacious obesity drug ever. As a founding CEO, over the past 22 years Leland has secured four drug approvals, an unheard-of achievement for a small pharmaceutical company. He has taken Vivus from startup to what it is today.”

Mark B. Logan, chairman of Vivus' board, said, "First Manhattan has an outstanding reputation and an impressive record as a long-term value investor. First Manhattan has been an investor in Vivus since 2008 and shares our commitment to building Qsymia into a top-selling brand and creating value for all of our stakeholders. We look forward to working with the new Board to capitalize on Vivus' tremendous potential.”

To allow additional time for stockholders to vote on the revised slate of director nominees, Vivus will postpone its annual meeting, to be held within 30 days from July 15. FMC will withdraw its notice of nomination of persons for election as directors and will vote its shares at the annual meeting for all 11 nominees on the reconstituted board slate.

Vivus is commercializing and developing innovative, next-generation therapies to address unmet needs in obesity, sleep apnea, diabetes and sexual health,

Upcoming Events

  • 24May

    Powering an Effective Oversight Strategy with Clinical and Operational Insights

  • 25May

    2022 WCG Avoca Quality & Innovation Summit: Own the Future

  • 28Jun

    Effective Root Cause Analysis and CAPA Investigations for the Life Sciences

  • 16Oct

    WCG MAGI's Clinical Research Hybrid Conference - 2022 West

Featured Products

  • Spreadsheet Validation: Tools and Techniques to Make Data in Excel Compliant

    Spreadsheet Validation: Tools and Techniques to Make Data in Excel Compliant

  • Surviving an FDA GCP Inspection

    Surviving an FDA GCP Inspection: Resources for Investigators, Sponsors, CROs and IRBs

Featured Stories

  • Protocol-360x240.png

    Avoid Deviations by Making Protocol Review a Team Effort

  • SelectionProcess-360x240.png

    Give Us a Voice: Sites Clamor for a Say on Vendor Selection

  • Convince-360x240.png

    Use Data and Details to Convince Site Leadership to Add Staff

  • AsktheExpertsBadge-360x240.png

    Ask the Experts: Listing Trial Staff and Others on the Statement of Investigator

Standard Operating Procedures for Risk-Based Monitoring of Clinical Trials

The information you need to adapt your monitoring plan to changing times.

Learn More Here
  • About Us
  • Contact Us
  • Privacy Policy
  • Do Not Sell My Personal Information

Footer Logo

300 N. Washington St., Suite 200, Falls Church, VA 22046, USA

Phone 617.948.5100 – Toll free 866.219.3440

Copyright © 2022. All Rights Reserved. Design, CMS, Hosting & Web Development :: ePublishing