Breakingviews | Biogen

Considered view

28 Jan 2010 20:22

No Icahn

Context News

Activist investor Carl Icahn has notified Biogen Idec that his fund will nominate three people for the biotech company's board. His nominees are Thomas Deuel, Eric Rowinsky and Richard Young. Four seats on the 12-member board are up for election. The company's chief executive and former chairman recently stated they will not stand for re-election to the board.

Icahn owns 16.1 million shares, less than 6 percent, of the company's stock. Last year, he succeeded in placing two of his nominees, Richard Mulligan and Alexander Denner, on the board.

Denner is one of four directors on Biogen Idec's search committee for a new CEO.

Biogen Idec statement.

The veteran activist gave the biotech firm the shake-up it needed. He won two board seats, ousted the CEO and put the company on the block. Unless he has more, better ideas, his 6 pct stake doesn't merit the extra board representation he wants. If not, he should just buy Biogen.

Sign up to read the rest of this subscriber-only content, or if you are already a member please sign in here.

Forgotten your password? Get a password reminder.

This Views Flash will shortly be followed by a Considered View