Icahn Thwarted in Attempt to Gain Control of Biogen IDEC Board
Chalk up one for the good guys (good is a relative term). Carl Icahn has given up on his quest to gain control of the Cambridge-based biotechnology giant, Biogen/IDEC. Actually, he was forced to give up because the slate of board members that he hoped would be elected to the Biogen/IDEC board failed to gain shareholder support and lost its bid for the board at a recent shareholder meeting.
Icahn, who owns about 4% of outstanding shares of the company, wanted to gain control of the Biogen/IDEC board so that he could force the company to try once again to sell itself to a large pharmaceutical company (rather than remain independent). As you may recall, the company tried to sell itself late last year but failed to find any buyers. Icahn accused the company of not trying hard enough! Give it a break Carl…its not always about you!
Despite the fact that Carl has his name on a molecular biology building at Princeton University (he is an alumnus), he knows very little about the biotechnology business. My advice to him is to raid companies that make commodities that he knows something about—widgets, plastics, automobiles — maybe even oil.
Until next time….
Good Luck and Good Job Hunting (try Biogen/IDEC)!!!!!!!!
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.
