Icahn seeks representation on Biogen Idec board

By Lisa Kerner

Charlotte, N.C., Jan. 28 - Icahn Partners LP and its affiliates are nominating Alexander J. Denner, Richard C. Mulligan and Anne B. Young to Biogen Idec Inc.'s board of directors at the company's 2008 annual meeting.

Denner is managing director of entities controlled by Carl Icahn that manage private investment funds.

Young is Julianne Dorn Professor of Neurology at Harvard Medical School and chief of neurology service at Massachusetts General Hospital.

Mulligan is Mallinckrodt Professor of Genetics at Harvard Medical School and director of the Harvard Gene Therapy Initiative.

"We determined to run a slate of three directors to ensure that if the slate were to be elected and Biogen's management failed to act to enhance shareholder value, shareholders would have the opportunity to elect sufficient new directors in 2009 who, together with our slate of 2008 directors, would constitute a majority of the board," Icahn said in a statement released Monday.

Icahn Partners also proposed amending Biogen Idec's bylaws to set the size of the board at 12. The company currently has a staggered board of 12 directors, with four directorships up for election this year.

Biogen Idec's board will review and consider the notice from Icahn Partners, a company news release stated.

In December, Biogen Idec announced it would continue as an independent company following a review of strategic alternatives.

As previously reported, the company did not receive any definitive offers during the review process.

"We are taking this action because we believe that Biogen's recent purported attempt to find a suitor was not conducted in a way to enhance the success of the endeavor," Icahn added.

"We believe that the process was flawed in a number of key respects and that the process was run to placate us and other large shareholders who we believe asked for Biogen to find a buyer."

Icahn also cited Biogen Idec's restrictive confidentiality agreement that "certain potential bidders were not able to sign" and therefore were not able to participate in the bidding.

Biogen Idec reportedly planned to focus on achieving several goals by the end of 2010, such as having more than 40% of its revenue coming from its international business and generating revenue growth at a 15% compound annual growth rate.

Biogen Idec is a Cambridge, Mass.-based pharmaceutical company.

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