Ariad +5.3% AH; activist investor reportedly wants board seats

|By:, SA News Editor

Reuters reports activist investor Sarissa Capital wants at least two seats on Ariad Pharmaceuticals' (ARIA) board. Sarissa is said to have spoken with Ariad about "adding a few of its own directors," with the goal of reaching a deal before a proxy deadline.

The deadline for nominating Ariad directors is Feb. 20. Three seats will be up for re-election at Ariad's annual meeting, expected to be around the third week of June.

Sarissa, which waged a successful proxy battle against Vivus with fellow activist First Manhattan, disclosed a 6.22% stake in Ariad back in October. Ariad, occasionally the subject of M&A speculation, adopted a poison pill soon after.