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Genzyme CEO Henri Termeer resisted pressure from Carl Icahn. |
Billionaire investor Carl Icahn, who has shaken up boardrooms at some of the world's best known corporations, has apparently decided to leave Genzyme Corp. alone for now.
According to a regulatory filing yesterday, Icahn, 71, sold his stake in the Cambridge biotechnology company late last year after the company's stock price rose, easing speculation that he might try to mount a shareholder fight to force a sale or breakup of Genzyme. Icahn's investment firm, Icahn Capital Management LP, reported it owned 1.5 million shares of Genzyme, or less than 1 percent of the stock, at the end of September, but sold its stake by the end of December. The filings didn't indicate exactly when Icahn bought or sold the stock, but he likely turned a profit. Genzyme shares rose 20 percent in the fourth quarter, when Icahn sold his shares. In addition, Genzyme's chief executive, Henri Termeer, made it clear he had no intention of bowing to pressure from Icahn to break up or sell the company. In an interview with the Globe in early December, Termeer vowed to remain independent.
"We have pioneered very important therapies and that is what we want to continue to do," he said. Genzyme, the state's biggest biotech company, has grown rapidly by pioneering life-saving drugs for rare diseases overlooked by some traditional large pharmaceutical companies.
Genzyme and Icahn representatives declined to comment on the stock sale yesterday.
Meanwhile, Icahn continues to have his sights trained on another Cambridge biotech, Biogen Idec. In late December, he nominated three people for election to Biogen Idec's board, which would give him a powerful perch from which to continue pressing the company to sell itself.
Though Biogen Idec unsuccessfully looked for a buyer late last year, Icahn complained the process was flawed, if not an outright sham aimed at pacifying investors. Biogen Idec has repeatedly defended the sale process as thorough and professional. But the company hasn't publicly commented on Icahn's push for representation on its board.
Icahn has already won battles at some other biotech companies. He took control of ImClone Systems Inc.'s board in 2006. And last year, MedImmune agreed to sell itself to drug maker AstraZeneca PLC for $15.6 billion after Icahn pushed for a sale.
Genzyme shares fell $2.60, or 3.5 percent, to $72.70 yesterday. Biogen Idec shares slipped 37 cents, or less than 1 percent, to $62.87.
Todd Wallack can be reached at twallack@globe.com.
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