Icahn withdraws opposition to MedImmune's board nominees now that company is for sale

By Lisa Kerner

Charlotte, N.C., April 16 - MedImmune, Inc. shareholder Carl Icahn said he no longer intends to put forth a slate of nominees in opposition to the company's proposed nominees to the board of directors now that the company has put itself up for sale.

Icahn does reserve the right to launch a proxy contest in the event that MedImmune does not successfully complete a sale transaction, according to a news release.

On April 12, MedImmune's board said it authorized management to evaluate third-party interest in acquiring the company.

The announcement followed the company's proposed intention in February to aggressively implement its business plan.

However, interest by other major pharmaceutical companies, pressure from shareholders and MedImmune's short-term stock price performance led the board to consider strategic alternatives with the aid of Goldman, Sachs & Co. and Dewey Ballantine LLP.

MedImmune is a Gaithersburg, Md.-based biotechnology company.

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