Biogen Idec rejects Carl Icahn slate

By Laurie Bennett

April 21, 2008 at 1:20pm

Billionaire investor Carl Icahn is mounting yet another proxy fight, this time against Biogen Idec Inc.

The company, which produces drugs to treat illnesses such as cancer and multiple sclerosis, has rejected Icahn’s board nominees. Instead, it is urging stockholders to re-elect three existing directors and also put a new fourth director on the board.

Icahn, who has a 3.5% stake in the company, has proposed three candidates, who would make up a fourth of the board. He has also threatened to nominate additional candidates next year, in an effort to seize the board majority.

Icahn has voiced disapproval with the company’s failure to complete a sale last fall.

Forbes reported today that James C. Mullen. president & CEO of Biogen Idec, received total compensation valued at nearly $10.5 million last year.

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