First Manhattan Co. Issues Statement on Expected REMS Modification for
NEW YORK -- April 10, 2013
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”) (NASDAQ: VVUS), 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.”
About First Manhattan Co.
First Manhattan Co. (“FMC”) was founded in 1964 and remains an owner-operated
investment advisory firm. FMC is registered with the U.S. Securities and
Exchange Commission as an investment adviser and as a broker-dealer, and is a
member of the Financial Industry Regulatory Authority (FINRA).
FMC provides professional investment management services primarily to high net
worth individuals as well as to partnerships, trusts, retirement accounts,
pension plans and institutional clients. The firm currently manages in excess
of $14 billion.
FIRST MANHATTAN CO., FIRST HEALTH, L.P., FIRST HEALTH LIMITED, FIRST HEALTH
ASSOCIATES, L.P., FIRST BIOMED MANAGEMENT ASSOCIATES, LLC, FIRST BIOMED, L.P.
AND FIRST BIOMED PORTFOLIO, L.P. (COLLECTIVELY, “FIRST MANHATTAN”) INTEND TO
FILE WITH THE SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) A DEFINITIVE
PROXY STATEMENT AND ACCOMPANYING PROXY CARD TO BE USED TO SOLICIT PROXIES FROM
THE STOCKHOLDERS OF VIVUS, INC. (THE "COMPANY") IN CONNECTION WITH THE
COMPANY'S 2013 ANNUAL MEETING OF STOCKHOLDERS. ALL STOCKHOLDERS OF THE COMPANY
ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER DOCUMENTS RELATED
TO THE SOLICITATION OF PROXIES BY FIRST MANHATTAN, MICHAEL JAMES ASTRUE, JON
C. BIRO, JOHANNES J.P. KASTELEIN, SAMUEL F. COLIN, DAVID YORK NORTON, HERMAN
ROSENMAN, ROLF BASS AND MELVIN L. KEATING (COLLECTIVELY, THE "PARTICIPANTS")
FROM THE STOCKHOLDERS OF THE COMPANY, WHEN THEY BECOME AVAILABLE, BECAUSE THEY
WILL CONTAIN IMPORTANT INFORMATION, INCLUDING ADDITIONAL INFORMATION RELATED
TO THE PARTICIPANTS. WHEN COMPLETED, THE DEFINITIVE PROXY STATEMENT AND FORM
OF PROXY WILL BE FURNISHED TO SOME OR ALL OF THE STOCKHOLDERS OF THE COMPANY
AND WILL, ALONG WITH OTHER RELEVANT DOCUMENTS, BE AVAILABLE AT NO CHARGE ON
THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, FIRST MANHATTAN WILL
PROVIDE COPIES OF THE DEFINITIVE PROXY STATEMENT AND ACCOMPANYING PROXY CARD
(WHEN AVAILABLE) WITHOUT CHARGE UPON REQUEST.
INFORMATION ABOUT THE PARTICIPANTS AND A DESCRIPTION OF THEIR DIRECT OR
INDIRECT INTERESTS BY SECURITY HOLDINGS IS CONTAINED IN EXHIBIT 2 TO THE
SCHEDULE 14A FILED BY FIRST MANHATTAN WITH THE SEC ON MARCH 8, 2013. THIS
DOCUMENT CAN BE OBTAINED FREE OF CHARGE FROM THE SOURCES INDICATED ABOVE.
The Abernathy MacGregor Group
Chuck Burgess / Mike Pascale
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