NEW YORK (AP) -- Obesity drugmaker Vivus has agreed to a settlement with its biggest shareholder, who was fighting for greater control of the company.
First Manhattan Co. — which owns 9.9 percent of Vivus outstanding stock — was in a proxy fight with Vivus Inc. and said it was in position to win when Vivus adjourned voting on a slate of new directors. The shareholder sued Vivus earlier this week.
As part of the settlement, Anthony Zook — who previously worked at AstraZeneca — is expected to be named Vivus' new CEO. He would succeed Leland Wilson.
Vivus' board will also expand from nine to 11 members. Four directors are resigning, and First Manhattan's six nominees will join the board.
Vivus adjourned its annual shareholders meeting Thursday. It expects to hold the meeting no later than 30 days from July 15.