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First Manhattan Co. (FMC), an owner-operated investment advisory firm and the
beneficial holder of approximately 9.1 percent of the outstanding shares of
VIVUS, Inc. (“Vivus”)
, today issued the following statement in
anticipation of the expected announcement from Vivus that its obesity
treatment Qsymia has received a modification in its Risk Evaluation and
Mitigation Strategy (REMS):
“The REMS modification for Qsymia, which VIVUS should obtain, will be a step
forward. It is necessary but not sufficient for Qsymia's success. In the right
hands, retail distribution through certified pharmacies would enable Qsymia to
reach the drug's full potential for Vivus shareholders. Achieving this goal
requires a new commercial strategy, including the execution of the right
partnership strategy. Qsymia should be the drug of choice for many Americans
suffering from obesity and its devastating medical consequences.
FMC has notified Vivus that it intends to nominate six highly qualified
directors at the Company's 2013 annual meeting of stockholders. The FMC
nominees are independent of management and will provide objective stewardship
of Qsymia's commercialization. They will seek out all the facts, not just the
views favored by management. The FMC nominees have deep experience in
pharmaceutical commercialization, regulatory affairs, public-company finance,
and turnaround expertise. They are committed to fixing the fundamental
problems at Vivus, reversing the failed Qsymia launch and creating durable
value for all Vivus shareholders.”
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