Icahn sues Biogen Idec for records on sale effort

Activist investor Carl Icahn sued Biogen Idec Inc. late yesterday in an effort to force the Cambridge biotechnology company to turn over records of its unsuccessful search last year for a buyer, according to Reuters news service. Company spokeswoman Naomi Aoki said the billionaire investor first sent the company a request on March 28 seeking the documents, but Biogen Idec rejected it, prompting Icahn to file the lawsuit. Icahn has previously suggested the sale process was just a token attempt to appease Icahn and other investors who were pushing for a sale. Biogen Idec's Aoki responded: "We believe Mr. Icahn’s request is simply another in a series of manipulative tactics to advance his single-minded request to force a sale of the company." The company plans to fight the suit. (Todd Wallack)

The state pension fund balance, which has rocketed upward in recent years, took a 4.7 percent tumble during the first quarter, shedding $2.3 billion in asset value. The fund's balance, stung by domestic equity investment losses, decreased to $51.4 billion after hitting $53.7 billion at the end of 2007, according to preliminary year-to-date numbers. During a Pension Reserves Investment Management Board meeting, fund staffers attributed the decline to a "very difficult market environment" and said the pension fund's losses were far narrower than the market as a whole. The board also approved hiring two firms, including Fidelity Investments' Pyramis unit, to oversee international investments, with each receiving about $600 million to manage initially, a spokeswoman said. (State House News Service)

Massachusetts is slated to receive $3.1 million for projects to improve the region's air quality as part of a massive settlement reached last year with American Electric Power, the nation's largest electricity producer. The $4.6 billion settlement, one of the largest environmental enforcement pacts on record, resolved allegations by the United States, eight states, and citizens groups that the Ohio company's coal-fire plants spewed toxins into the air, causing acid rain and other pollution that damaged the environment in nearby states. At the time, the power producer promised to cut pollution at its plants and pay $24 million to eight East Coast states as part of the agreement, but the exact amount earmarked for Massachusetts wasn't reported. (Todd Wallack)

Inotek Pharmaceuticals Corp., a Beverly biotech company, said it has shuttered several international offices, including its manufacturing plant in Israel, and shed 85 of its 120 employees over the past three months. Despite the cutbacks, Jeffrey T. Walsh, the company's chief business manager, said its Massachusetts headquarters, with 35 employees, is continuing to grow. Walsh said Inotek, which has raised $79 million in venture capital, has $40 million to continue operating for the foreseeable future, but decided to outsource its manufacturing and narrow its focus. The company has two drugs in early clinical trials. (Todd Wallack)

The Massachusetts Bar Association will operate a free hotline today from 5:30 to 8:30 p.m. to answer military veterans' legal questions. Volunteer lawyers will take inquiries about any topic, including benefits, divorce, child support, finances, employment, and landlord/tenant issues. The hotline number is 617-338-0610; try again if it's busy. Normal phone charges will apply. (Sacha Pfeiffer)

Boston Beer Co., which Monday recalled Samuel Adams beer in bottles that could contain glass particles, said relatively few customers have sought refunds or advice. As of yesterday afternoon, 571 customers had sought help at a call center, the company said, and a website which allows consumers to check bottle codes and request refunds had received only 2,300 visits. The recall involves different varieties of Samuel Adams brand beer in 12-ounce glass bottles that are marked with the code N35 OI. To learn more about the recall, consumers can call 888-674-5159 or visit consumerinfo.samadams.com. (Jeffrey Krasner)

Sixty-two deaths now are associated with contaminated batches of the blood thinner heparin, triple the previous estimate, the Food and Drug Administration said. The latest deaths the FDA knows of occurred in February, the month Baxter International recalled contaminated batches. But dozens of deaths weren't reported to the agency when they happened, only later after the tainted blood thinner made headlines. Yesterday, the FDA posted a month-by-month mortality count on its website, showing that a sudden jump in allergic-style fatal reactions actually began last November - possibly signaling the time when the contamination began. (AP)