Innoviva Inc.'s new board plans to investigate advisers who allowed former board members to renege on a deal with activist investor Sarissa Capital Management LP.
The previous board had agreed to appoint Sarissa's nominees as directors but later decided against it. Sarissa then sued the company and won, obligating Innoviva to add the nominees to its board.
Innoviva's old board was replaced in its entirety at the 2018 annual meeting of the company.
Separately, Innoviva appointed Geoffrey Hulme as interim principal executive officer, effective May 21.
Hulme most recently served as the owner and manager of Steel Valley Capital LLC and Steel Valley Advisors LLC, a registered investment adviser.
Innoviva had previously appointed CFO Eric d'Esparbes as the interim principal executive officer.
Brisbane, Calif.-based Innoviva, which develops and markets biopharmaceuticals, has a partnership with GlaxoSmithKline PLC for respiratory inhalers Relvar/Breo Ellipta; Anoro Ellipta; and Trelegy Ellipta.
