Carl Icahn, victorious? The activist investor says so; he's claiming that two of his nominees to Biogen Idec's board wrested seats away from the company. Biogen says the votes are still being counted. Ockham Research, however, seems to believe Icahn. In an investor note today, the firm pointed out that the new Biogen directors will be Dr. Alexander Denner and Dr. Richard Mulligan--the same two men Icahn put on the board during his 2006 proxy fight with ImClone.
CEO James Mullen (photo [1]) may want to count and recount ... and recount again. In today's news reports, Icahn is targeting the company chief, saying that he's going to have to work harder and smarter. "He's taken out $62 million in compensation while shareholders have lost 25 percent," Icahn told the Boston Herald. "That's a pretty good job if you can get it." And as you know, Icahn has been pushing for Biogen to split into two companies, one focused on cancer and the other on neurology. Just how much pull will his people have? We'll have to watch and learn.
- see Ockham's assessment [2] at Seeking Alpha
- check out the Boston Herald coverage [3]
- get more [4] from the New York Times DealBook
ALSO: Dissident shareholders, including a group led by Carl Icahn, officially won two seats on Amylin Pharmaceuticals' board, sending the company chairman and its lead independent director packing. Will Amylin CEO Dan Bradbury be able to hold onto his job now? Report [5] | Report [6]
Related Articles:
Biogen-Icahn showdown goes to a vote [7]
Icahn officially puts Biogen under siege [8]
Amid proxy fight, Biogen chief earns $11.3M [9]
Insurgents grab two Amylin board seats [10]
No meeting of the minds at Amylin [11]
Links:
[1] http://www.fiercebiotech.com/special-reports/biogen-idec-ceo-james-mullen-ceo-pay-report
[2] http://seekingalpha.com/article/141214-biogen-and-icahn-call-it-a-draw-and-get-back-to-business
[3] http://www.bostonherald.com/business/general/view/2009_06_03_Investor_Carl_Icahn:_Biogen_board_voting_‘despicable_/
[4] http://dealbook.blogs.nytimes.com/2009/06/04/icahn-victory-changes-face-of-biogen-idec-board/
[5] http://www.reuters.com/article/rbssHealthcareNews/idUSN0251402120090602
[6] http://industry.bnet.com/pharma/10002492/amylin-ceo-bradbury-loses-chairman-lead-director-will-he-be-next/
[7] http://www.fiercepharma.com/story/biogen-icahn-showdown-goes-vote/2009-06-03?utm_medium=rss&utm_source=rss&cmp-id=OTC-RSS-FP0
[8] http://www.fiercepharma.com/story/icahn-officially-puts-biogen-under-siege/2009-04-13
[9] http://www.fiercepharma.com/story/amid-proxy-fight-biogen-chief-earns-11-3m/2009-04-02
[10] http://www.fiercepharma.com/story/insurgents-grab-two-amylin-board-seats/2009-05-28
[11] http://www.fiercepharma.com/story/no-meeting-minds-amylin/2009-04-23