Biogen IDEC For Sale?
Biogen IDEC, one of the world's largest and most profitable biotech companies, may be for sale. The company was approached last week by several pharmaceutical suitors and Carl Icahn the billionaire former corporate raider. Mr Icahn has been interested in getting into the biotechnology business in a big way ever since he donated a large sum of money to Princeton University (his alma mater) for a new molecular biology building. He currently owns substantial shares in a number of companies including Imclone, Biogen IDEC and others.
Biogen IDEC officials announced that while they are happy with the company's direction, they wanted to explore whether an acquisition by a major pharmaceutical company may result "in superior value in the current environment". At $81 per share the company is valued at over $23 billion. So, acquisition of the company would be the biggest ever of a biotechnology company and would easily eclipse the $15.6 billion that AstraZeneca paid to buy vaccine manufacturer MedImmune last year.
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