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Icahn ups stake in Biogen, says stock undervalued

WASHINGTON
Mon Aug 11, 2008 5:45pm EDT

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A pedestrian passes the sign outside the headquarters of Biogen Idec Inc. in Cambridge, Massachusetts June 18, 2008. REUTERS/Brian Snyder

A pedestrian passes the sign outside the headquarters of Biogen Idec Inc. in Cambridge, Massachusetts June 18, 2008.

Credit: Reuters/Brian Snyder

WASHINGTON (Reuters) - Billionaire investor Carl Icahn reported on Monday that he owns a 6.03 percent stake in the common stock of biotechnology company Biogen Idec Inc (BIIB.O).

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Icahn said in a filing with the U.S. Securities and Exchange Commission that he increased his stake "in the belief that the shares were undervalued."

He said his funds may acquire additional Biogen shares, debt or other equity. He also said his representatives may continue to have discussions with the company to "discuss general business issues relating to the issuer as well as their concerns relating to shareholder value."

(Reporting by Karey Wutkowski, editing by Leslie Gevirtz)
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