Thursday, April 10, 2008

Biogen: Icahn lawsuit is attempt to force a sale

Biogen Idec Inc. confirmed reports that billionaire investor Carl Icahn has filed a lawsuit against the Cambridge biotech company as a ploy to gain access to documents related to the failed sale of Biogen last year.

Icahn, a major shareholder in Biogen who has advocated for its sale, claimed in the suit filed in Delaware that Biogen executives sabotaged the sale process, and he wants copies of board minutes and other papers, according to published reports.

Biogen (Nasdaq: BIIB) ended its search for a buyer of the company in December 2007 after it received no serious offers.

"Our belief is that this request is simply another in a series of manipulative tactics to advance his single-minded agenda to force the sale of the company," said Biogen spokeswoman Naomi Aoki. She argued that Biogen has already made public most of the information requested by Icahn in the lawsuit.

With 4,300 workers worldwide, Biogen reported 2007 net income of $638.2 on revenue of $3.2 billion.