Biotech Values

[Biowatch]

ARIA directors quit over “vigorous disagreements” with CEO

http://www.xconomy.com/boston/2008/12/05/ariad-directors-resign-en-masse-accuse-ceo-of-grossly-inappropriate-behavior/

>>Ariad Directors Resign En Masse, Accuse CEO of “Grossly Inappropriate” Behavior
Luke Timmerman 12/5/08

A boardroom dispute at Cambridge, MA-based Ariad Pharmaceuticals exploded into public late today. Four of the biotech company’s nine directors quit over “vigorous disagreements” with CEO Harvey Berger, accusing him of “grossly inappropriate” and “manipulative” conduct in pushing through a merger with a gene therapy operation, according to a filing today with the Securities and Exchange Commission.
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The resignation letter from the directors (dated December 1):
http://www.sec.gov/Archives/edgar/data/884731/000095013508007795/b73139apexv99w1.htm

Managements response (filed with SEC at 4:30 PM, Friday, Dec. 5):
http://www.sec.gov/Archives/edgar/data/884731/000095013508007795/b73139ape8vk.htm