Carl Icahn Goes After Biogen Idec (BIIB)

February 6, 2009 by Douglas A. McIntyre

Biogen_logoBiogen Idec (NASDAQ: BIIB) is coming under fire from activist investor Carl Icahn this morning.  A release came out as a "shareholder proposal" from Icahn Partners LP.  He is asking for four positions for new board members, as well as jurisdiction changes.

Icahn and certain affiliates are proposing the nomination of fourindividuals to serve on the board of directors of the company at theannual meeting:

  • Alexander J. Denner,
  • Richard C. Mulligan,
  • Thomas J. Deuel,
  • and David Sidransky

The proposal also seeks to request that the board changes its companyjurisdiction of incorporation to North Dakota and to amend the bylawsto set the size of the Board at 13.

Biogen Idec’s Board will review the notice and consider it in light ofthe best interests of all shareholders of the Company….

Jon C. Ogg
February 6, 2009