NEW YORK, April 20 Shareholders of Innoviva Inc.
handed a narrow victory to the U.S. respiratory drug
company, voting in its three directors after fending off
nominees from activist hedge fund Sarissa Capital, according to
a source close to the matter.
In a dramatic turn that played out late until Wednesday
night, the two sides nearly agreed to avoid the vote through a
settlement but the company bowed out of the plan at the last
minute when it became clearer that it may win all three seats
. The source said a settlement would have added
two of Sarissa's director nominees to the board.
Innoviva and Sarissa were not immediately available for
(Reporting by Michael Flaherty; Editing by Chizu Nomiyama)