Genzyme vs. Icahn - Biggest Battles in Biopharma

Genzyme vs. Icahn

Always up for a battle, Carl Icahn (photo) makes his second appearance on the list--although this time as the aggressor instead of the defender. As Genzyme's troubles began, the billionaire investor purchased 1.5 million shares of Genzyme stock in the third quarter of 2009. And Icahn set his sights squarely on 25-year veteran CEO Henri Termeer (photo).

"Given that Genzyme's management has performed so poorly in the past, our first task will be to attempt to help fix what is broken," Icahn said. "We have heard from a number of shareholders that they have very little faith in the current board and believe that there should be a major shake-up in its composition." Seeing the company as a new version of his ImClone successes, Icahn prepared himself to turn the company around before finding a buyer.

In what could have been an exceedingly hostile battle for Genzyme power, Termeer gave Icahn representatives seats on Genzyme's board. Although Termeer was one of three Genzyme execs on Icahn's chopping block, he has survived. He is even agreeing with Icahn on one thing--pushing for a higher price than Sanofi-Aventis' original $18.5 billion offer.

Genzyme vs. Icahn - Biggest Battles in Biopharma
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