Issue Date: February 4, 2008
Proxy Fight Looms At Biogen Idec
Claiming flaws in Biogen Idec's recent failed attempt to find a buyer, corporate raider Carl Icahn has nominated three people to fill seats on the biotechnology firm's board of directors. Icahn controls more than 4% of Biogen's stock. Biogen defends its sale process and says it will review Icahn's proposals "in light of the best interests of all shareholders." Icahn also charges that Biogen executives planned to make the firm unattractive to buyers by bidding for a European biotech company. Biogen did not respond to this statement. Shares in Danish antibody developer Genmab rose on Jan. 28 on expectations that Biogen would buy it for $3 billion.
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