First Manhattan Co is an investor at Vivus Inc. It aimed to replace the drug manufacturer's board and management. The company said that it has chosen Anthony Zook as its chief executive officer given that First Manhattan wins the proxy fight.
In a statement released today, First Manhattan said that Zook was the executive vice president for global commercial operations at AstraZeneca Plc until February. Anthony Zook helped to market drugs including Crestor, Symbicort and Nexium. The said drugs drew more than US$13 billion sales for AstraZeneca last year.
Vivus Inc said that the planned replacement of the board and management is by First Manhattan is a serious threat to its shareholder value. It urged its investors to vote against the proposal from First Manhattan at its annual meeting to be held July 15. First Manhattan holds 9.9% of Vivus shares outstanding.
Since 1991, Leland F. Wilson has been the chief executive officer of Vivus.
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