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Business

Biogen And Icahn Agree To A Truce

by Rick Mullin
March 29, 2010 | APPEARED IN VOLUME 88, ISSUE 13

Biogen Idec has reached an agreement with Carl Icahn, naming one of Icahn’s nominees to its board. In exchange, the activist investor dropped a threatened proxy fight. The biopharmaceutical firm appointed Eric K. Rowinsky and Stephen A. Sherwin to the board to replace outgoing members James C. Mullen and Bruce R. Ross. Rowinsky is one of three people Icahn has been attempting to put on the board since early last year in an effort to sell or break up Biogen. “The nominees who will replace Messrs. Mullen and Ross are extremely qualified and I believe will add great value to Biogen,” Icahn said in a statement./p>

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