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Biogen Idec Says Icahn Proposes 3 Nominees

From Associated Press (January 28, 2010)

CAMBRIDGE, Mass.--Biogen Idec Inc. said Thursday that activist investor Carl Icahn plans to nominate three directors to the biotechnology company’s board.

In 2009, Biogen and Icahn went through a contentious proxy fight that resulted in Icahn getting two of his nominees, Richard Mulligan and Alexander Denner, on the company’s board of directors.

Icahn previously suggested Biogen Idec should be split into two separate companies, criticized management and accused management of sabotaging an attempt to sell the company.

Now, Icahn is trying to place Thomas F. Deuel, Eric K. Rowinsky and Richard A. Young on Biogen’s board of directors. He also wants to amend the company’s bylaws to keep the number of directors at its current number of 12 seats.

Biogen said its board will evaluate the nominees and the proposal and make a recommendation to shareholders.

The Cambridge, Mass. company said Icahn Partners LP and affiliates reported owning 16.1 million Biogen Idec shares, representing less than 6 percent of total outstanding shares.

Shares rose $1.02 to $54.60 in premarket trading.


Posted: January 2010