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VIVUS, Inc.
(the "Company"), a pharmaceutical company commercializing and
developing innovative, next-generation therapies to address unmet needs in
obesity and sexual health, today issued the following statement in connection
with the Company's 2013 Annual Meeting of Stockholders, which will be held on
July 15, 2013:
VIVUS's July 15, 2013 Annual Meeting of Stockholders is fast approaching and
it is extremely important that stockholders know the facts before they vote.
Despite First Manhattan Co's ("FMC") disruptive efforts, the VIVUS Board and
management team are making meaningful progress toward unlocking the full
potential of Qsymia^® (phentermine and topiramate extended-release) capsules
CIV and STENDRA™ (avanafil) (SPEDRA™ in the European Union) and maximizing
value for stockholders. Under the direction of its Board and management team,
the Company has achieved significant commercial and corporate milestones for
both assets, including broadening reimbursement coverage for Qsymia, and
recently launching it in approximately 8,000 certified retail pharmacies.
VIVUS also announced, just this week, an agreement with Menarini Group to
commercialize and promote SPEDRA in more than 40 European countries, Australia
and New Zealand.
We are executing a strategy to maximize stockholder value and we believe that
if FMC's director nominees are elected they will spend up to a year studying
what to do, allowing other competitors to enter the market and forfeiting
Qsymia's first-mover advantage – putting the future of VIVUS at risk.
We are not alone in our belief that FMC is creating unnecessary risk for our
stockholders. Several independent and influential financial Wall Street
analysts with a deep understanding of VIVUS's business and the pharmaceutical
industry, have issued reports that express their support for VIVUS's current
strategy and their belief that VIVUS's Board and management team are
successfully executing on our plan to make Qsymia a top selling drug^1:
"The deal with Menarini is favorable for Vivus on multiple fronts, we
believe. Beyond providing a bolus of cash to continue to fund operations,
the deal should allow Vivus to focus additional efforts on lead product
Qsymia." Piper Jaffray, July 9, 2013
"We view the expansion to retail distribution as a key step in driving
accelerated prescription growth in 2H13. In addition, we believe management
has demonstrated an ability to execute on its commercial plan for Qsymia,
which we view positively ahead of the July 15 proxy vote." "…we ultimately
would not view a complete turnover of the board and/or management as a
positive for the long term success of Qsymia." JMP Securities, July 1, 2013
"We believe that VIVUS has executed well within the constraints of the REMs
driven restricted access, lack of insurance coverage, lack of clinical
guidelines, and lack of broad buy-in by the primary care physician
community. With the recent fundamental changes to market dynamics, we
anticipate increased patient, physician, and collaborator interest in Qsymia
specifically, and the obesity drug space generally over the next 12-24
months that favors these drugs to achieve blockbuster revenue potential."
"We are encouraged by 1) gains in payor coverage that we anticipate will
further increase soon, 2) the recent loosening of REMS restrictions which
should translate into broad pharmacy access in ~6 weeks, and 3) growing
pharmacoeconomic evidence of benefits to the health system from weight
loss." Piper Jaffray, May 28, 2013
"The recently secured FDA approval to expand Qsymia's distribution to retail
pharmacies was a key gating event in our view, to not only remove a hurdle
for patient and prescriber access but also to enable partnership
discussions. Our revenue forecasts for 2H are achievable in our view and
assume VVUS markets Qsymia on its own. The company has successfully
increased payor coverage for Qsymia with formulary additions at Express
Scripts, Medco, and the VA. Our revenue forecasts for 2014 and beyond assume
VVUS secures a marketing partnership that enables an aggressive acceleration
in market penetration." BofA Merrill Lynch, May 16, 2013
"More detailed prescription and patient trends are encouraging and
demonstrate that VVUS is progressing well in building momentum for a
meaningful 2H13. With REMS modification in place and its full implementation
expected in July 2013, reimbursement coverage from Express Scripts, Medco,
the VA, and a recent updated AACE diabetes treatment algorithm that
specifically calls out obesity drug therapies as a cornerstone of diabetes
management, we believe Qsymia scripts and revenue are poised to finally
accelerate in 2H13+ and beyond." Leerink Swann, May 9, 2013
"...driving sales will be a function of 1) accessibility and 2)
education/experience. In our view, the company has made undeniable progress
on the accessibility front. This month alone we've seen a less obstructive
REMS, positively updated AACE treatment guidelines, and now another major
victory on the reimbursement front. To be clear, we do still anticipate the
jury will remain out until these promising developments translate into
clear-cut evidence of script and sales acceleration. Nevertheless, we are
optimistic that this launch can come together and see today's announcement
as yet another positive development and credibility boost for Vivus."
JPMorgan, April 30, 2013
VOTE FOR THE VIVUS DIRECTOR NOMINEES ON
THE GOLD PROXY CARD TODAY
VIVUS stockholders are reminded that their vote is extremely important, no
matter how many or how few shares they own. Whether or not you plan to attend
the Annual Meeting, you have an opportunity to protect your investment in
VIVUS by voting the GOLD proxy card. Please do not return or otherwise vote
any white proxy card sent to you by FMC.
If you have any questions, or would like assistance
in voting your GOLD proxy card please contact:
MORROW & CO., LLC
Call Toll Free: (800) 607-0088
Call Collect: (203) 658-9400
E-mail: vivusinfo@morrowco.com
Deutsche Bank Securities Inc. is serving as financial advisor, Hogan Lovells
US LLP is serving as legal advisor, and Morrow & Co., LLC is serving as proxy
solicitor to the Company.
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