Biogen Idec nominates 4 to board
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Biogen Idec Inc. nominated four directors and urged shareholders to reject a slate offered by Carl Icahn, the billionaire investor who is seeking control of the Cambridge biotechnology company.
Biogen Idec also recommended against an Icahn proposal to fix the board at 13 members and to reincorporate the company in North Dakota, the company said in a regulatory filing yesterday.
Icahn nominated a slate of four directors on Feb. 6. Icahn Capital LP and Icahn Associates own a combined 5.4 percent stake in Biogen Idec, making the investor and his funds the company's fourth-largest shareholder, according to Bloomberg data.
Biogen Idec's nominees, all current board members, are Lawrence Best, chairman of OXO Capital LLC; Alan Glassberg, a venture partner at Bay City Capital; Robert Pangia, a partner at Ivy Capital Partners LLC; and William Young, chief executive at Monogram Biosciences Inc., according to the filing with the Securities and Exchange Commission.
