On Friday, Vivus Inc said that Institutional Shareholder Services (ISS) recommended three of the nine board nominess to the drug manufacturer's board.
Egan Jones, another advisory firm, backed all the nominees. The third one, Glass Lewis called the planned launch of diet drug Qsymia "ill-advised" as this was without a commercial partner, said by First Manhattan in a statement.
The dull sales of Qsymia have been the main point of criticism by First Manhattan. The latter owns roughly 9.9% of Vivus Inc. The activist investor also called for a new chief executive to the drug manufacturer's board.
On July 15, the shareholders of Vivus were said to vote on First Manhattan's propositions. Vivus said on Tuesday that a turnover of its board would only cause delay for the success of Qsymia.
ISS did not comment on the news. Egan Jones and Glass Lewis did not immediately respond outside of business hours.
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