Vivus tells investors it is open to settlement

July 13
11:32 AM 2013

Today, Vivus Inc. told investors and experts in a conference that it considered discussing a possible settlement with stockholder First Manhattan Co. Vivus was a drug manufacturer that was currently fighting against its biggest investor for board control. The information came from people who declined to be identified since the talks were private.

Vivus wanted to reach a settlement before July 15. The date was scheduled to be its yearly meeting.

A spokesperson for California-headquartered Vivus, Mountain View, refused to give a statement regarding the issue.

In July 2012, the company was granted the permission by US Food and Drug Administration to sell its obesity drug called Qsymia. The opening sale disappointed the investors. Its shares plunged to 47% in just one year.

"We have been and remain willing to implement a settlement," Sarissa Capital Management LP's chief investment officer, Alex Denner, said through an interview on the telephone. Denner was a board nominee supported by First Manhattan.

He refused to further give a comment regarding the situation.

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