Biogen Idec says election results for final director too close to call

By Lisa Kerner

Charlotte, N.C., June 4 - Biogen Idec Inc. said preliminary results from its election on Wednesday indicate that shareholders elected Robert W. Pangia, William D. Young and Alexander J. Denner, Ph.D., to the company's board of directors.

According to Biogen, the results are too close to call on the election of the fourth director.

Biogen will announce the remaining director after all the votes are tabulated by its independent inspector of elections, IVS Associates.

Shareholders, based on the preliminary results, supported Biogen's recommendations to institute majority voting in uncontested elections, ratify the company's auditor and reject a proposal to change the company's jurisdiction of incorporation to North Dakota, Biogen said.

A proposal to amend Biogen's bylaws to set the size of its board at 13 was also rejected by shareholders, according to Biogen.

On Wednesday, Carl Icahn accused Biogen's board of attempting to hijack the election by adjourning the annual meeting to keep the polls open.

Icahn nominated Denner, Richard C. Mulligan, Thomas J. Deuel and David Sidransky for election to the Cambridge, Mass., pharmaceutical company's board.

In addition, Icahn submitted the proposals to change the company's jurisdiction and to set the size of the board at 13.

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