Innoviva (NSDQ:INVA) said yesterday that it plans to review its costs including the salaries of its top executive and board, bowing to pressure from hedge fund and activist investor Sarissa Capital Management.
Two weeks ago the fund demanded that Innoviva cut CEO Michael Aguiar’s pay to less than $500,000 a year; Aguiar’s total compensation in 2015 was $3.56 million, according to a regulatory filing. GlaxoSmithKline (NYSE:GSK), which owns a 29.3% stake in Innoviva, is working with the company to develop a 3-in-1 combination inhaled lung drug called Relvar Ellipta.
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