February 12, 2015 / 11:58 PM / 3 years ago

Sarissa Capital seeks to replace Ariad CEO - CNBC

Feb 12 (Reuters) - Activist hedge fund Sarissa Capital is looking to replace Ariad Pharmaceuticals Inc's chief executive and could mount a proxy fight in the next few weeks, CNBC reported, citing a source. cnb.cx/1DmFQnW

Sarissa Capital Management LP, an activist fund run by Alex Denner, investor Carl Icahn's former healthcare lieutenant, is Ariad's largest shareholder, according to Thomson Reuters data.

Reuters earlier reported that Sarissa spoke to Ariad about adding a few of its own directors to the company's board.

Ariad, which has an eight-member board, has three seats coming up for re-election at it annual shareholder meeting, expected around the third week of June.

Chief Executive Harvey Berger is up for re-election this year, CNBC reported.

The hedge fund may not seek a proxy fight in the coming weeks if an agreement is reached with the company, CNBC said.

Sarissa and Ariad could not be immediately reached for comments on the matter.

Reporting by Nayan Das in Bengaluru; Editing by Chris Reese

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