Icahn files suit to gain access to Biogen records

Tue Apr 8, 2008 9:53pm EDT
 
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BOSTON, April 8 (Reuters) - Billionaire investor Carl Icahn filed suit on Tuesday to force biotechnology company Biogen Idec Inc (BIIB.O: Quote, Profile, Research, Stock Buzz) to turn over all records related to the company's recent failed attempt to sell itself.

In a complaint filed in the Delaware Chancery Court, Icahn demanded the right to inspect documents and board meeting minutes to determine what the board of directors knew about the sale process, which Icahn claims Biogen deliberately sabotaged.

According to the complaint, Icahn and his associates are demanding the documents in order to alert shareholders to any non-confidential information they discover about the performance of the board. His suit comes as part of an impending proxy battle.

The Cambridge, Massachusetts-based company, one of the world's biggest biotechnology companies and maker of multiple sclerosis drugs Avonex and Tysabri, has not yet set a date for its annual meeting. Icahn is seeking three seat on its board of directors.

Biogen markets Tysabri with Irish drugmaker Elan Corp Plc (ELN.I: Quote, Profile, Research, Stock Buzz). (Reporting by Toni Clarke; Editing by Gary Hill)

 

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