Glass Lewis backs two of Deep Track's four nominees in Dynavax fight
NEW YORK, June 4 (Reuters) - Proxy advisory firm Glass Lewis urged Dynavax Technologies (DVAX.O), opens new tab shareholders to elect two of investment firm Deep Track Capital's four director nominees, arguing change is needed because the company has not been responsive enough to shareholders.
Glass Lewis recommended in a report that shareholders vote for Brett Erkman, a Deep Track managing director, and biotech industry executive Donald Santel to replace sitting directors Brent MacGregor and Scott Myers, the current board chair.
Emeryville, California-based Dynavax, which makes a vaccine designed to prevent the hepatitis B infection that can lead to chronic liver disease and death, has an 11-member board but only four are standing for election this year.
Shareholders will cast ballots at the June 11 annual meeting unless the two sides reach a settlement beforehand. Proxy advisory firm recommendations often guide how money managers vote on hot button issues like corporate elections and mergers.
"Shareholders should support the change of two incumbent board seats given the company's prolonged capital conservatism and the board's limited responsiveness to shareholder feedback," the report said. The two Deep Track nominees would bring "relevant and differentiated experience to the board," it added.
Erkman has worked as a private equity investor in life sciences and Santel is a life sciences executive who has done deals.
Deep Track, Dynavax's second largest shareholder with a nearly 15% stake, wants new directors to prioritize development of the company's hepatitis B vaccine Heplisav instead of pursuing new acquisitions. Dynavax is valued at $1.2 billion and its share price has dropped 22% this year.
In May, Institutional Shareholder Services, Glass Lewis' bigger rival, recommended that all company directors be reelected, arguing Deep Track failed to make its case for change.
A Deep Track representative welcomed the report. Dynavax disagreed with the recommendation, saying Glass Lewis noted its board "has been meaningfully refreshed with high quality and sector-specific expertise," a company representative said.
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