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Print Edition StoriesFriday, June 5, 2009
Biogen Idec, Icahn split board election results
By Mass High Tech staff
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Biogen Idec Inc.’s contentious election of four board members appears to have resulted with the election of two company-backed nominees in William Young and Robert Pangia; one nominee, Alexander Denner, supported by investor Carl Icahn; and a fourth member yet to be named. These preliminary results were released in a statement by the company.
IVS Associates, an independent election inspector, has been hired to count the votes in determining the fourth board member. Nominees vying for the fourth seat include Icahn nominee Richard Mulligan and board-backed nominees Lawrence Best and Alan Glassberg.
Preliminary Biogen Idec (Nasdaq: BIIB) results showed shareholders voted for majority voted in uncontested elections -- a stance held by the board and opposed by Icahn and his nominees. Early results also indicated that shareholders voted to reject the Icahn proposal of setting the Biogen Idec board size at 13.
Of the elected board members, Young is chairman and CEO of molecular diagnostics developer Monogram Biosciences Inc.; Pangia is a partner in Ivy Capital Partners LLC, the general partner of Ivy Healthcare Capital LP, which specialised in healthcare investments; and Denner is a managing director of Icahn entities, including Icahn partners, Icahn Master, Icahn Mast II and Icahn Master III.
Founded in 1978, Biogen Idec produces drugs for patients in more than 90 countries. Its drugs treat diseases such as multiple sclerosis, lymphoma and rheumatoid arthritis.
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