Biogen Idec wins proxy fight against Icahn

6/19/2008

CAMBRIDGE, Mass. Biogen Idec has won a proxy fight against investor Carl Icahn, allowing for the company to continue running as it sees fit instead of being controlled by Ichan and forced into selling itself again, according to Reuters.

The fight involved electing board members, which Icahn was using to elect his own selected members. Icahn sought to place three members on the company’s board, which included Richard Mulligan, professor of genetics at Harvard Medical School; Dr. Anne Young, head of the neurology service at Massachusetts General Hospital; and Alexander Denner; managing director of the Icahn Partners.

Shareholders, however, elected Cecil Pickett, Biogen’s president of research and development; Lynn Schenk, an attorney; and Phillip Sharp, a Nobel prize-winner who helped found Biogen 30 years ago. They also elected Stelios Papadopoulos, a retired vice chairman of Cowen to replace Thomas Keller, who is reaching retirement age.

Shareholders also defeated a proposal by Icahn to permanently limit the board to 12 members.

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