(Adds details, shares)
March 7 Innoviva Inc said activist
investor Sarissa Capital Management LP had nominated four
directors to replace a majority of the drug company's board.
The company's shares were up 3.1 percent at $12 in early
trading on Tuesday.
Innoviva, formerly Theravance Inc, urged shareholders to
vote for its recommended seven nominees at the 2017 annual
The company said it expected the meeting would be held in
the later part of April.
Sarissa Capital Management LP, a hedge fund run by
billionaire investor Carl Icahn's former healthcare lieutenant,
owns 2.72 percent stake in Innoviva, according to Reuters data.
Innoviva has a partnership with Britain's GlaxoSmithKline
Plc, and the companies submitted an application in
November to market their new three-in-one inhaled lung drug for
Innoviva and GSK already have other respiratory medicines in
(Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by