Innoviva bows to pressure from Sarissa hedge fund, to review executive pay

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. Get the full story at our sister site, Drug Delivery Business News. The post Innoviva bows to pressure from Sarissa hedge fund, to review executive pay appeared first on MassDevice.
Source: Mass Device - Category: Medical Equipment Authors: Tags: Drug-Device Combinations Respiratory Wall Street Beat GlaxoSmithKline plc Innoviva Sarissa Capital Management Source Type: news