The Biogen Idec faithful have been preaching "buying opportunity" ever since the company announced two new cases of the brain infection that can afflict patients taking its vaunted multiple sclerosis drug Tysabri. After all, CEO James Mullen had warned that the potentially fatal malady, PML, could and would crop up again, and the MS sufferers taking the drug have been made fully aware of the risk.
We can now count Carl Icahn among those faithful. The activist investor has taken this opportunity to boost his stake in Biogen to 6 percent from about 4.3 percent. That's a $259 million investment.
What's next, given that Icahn rarely puts his money where his mouth won't go? According to SEC documents, he may talk to the company about "concerns relating to shareholder value." Hmm. You'll recall that Icahn recently pressured Biogen into putting itself up for sale, and then accused management sandbagging the bidding process. Perhaps another round of bids is in Biogen's future.