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Hedge fund Sarissa seeks to replace majority of Innoviva's board

Reuters

March 7 (Reuters) - Innoviva Inc said on Tuesday activist investor Sarissa Capital Management LP had nominated a slate of directors to replace a majority of the company's board.

Innoviva, formerly Theravance Inc, urged shareholders to vote for its recommended seven nominees, adding Sarissa had provided no rationale for its actions nor proposed a new strategic direction..

Sarissa Capital Management LP is a hedge fund run by billionaire investor Carl Icahn's former healthcare lieutenant.

(Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Sriraj Kalluvila)