In his latest move against Biogen Idec Inc., financier Carl Icahn Thursday accused the Cambridge, Mass., biotech company of falsely portraying an auction process, which was terminated in mid-December 2007. Biogen released documents about the sale process on May 30 in response to a lawsuit filed by Icahn.
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In a regulatory filing, Icahn claimed that past assertions by Biogen management regarding the sale process were inconsistent with the released documents, including that the Biogen board had minimal input in designing and overseeing an auction process and that at least one potential bidder was denied its request to hold talks with Elan Corp., Biogen's marketing partner on a multiple sclerosis treatment.
Icahn in January announced plans to nominate a slate of three to Biogen's board.
A Biogen spokeswoman said that its recently disclosed documents support and confirm what the company has outlined about the sale process from the outset. She said the board met eight times between October and December to discuss and review the sale process and, in regards to Icahn's claim about Elan, Biogen agreed with all interested parties that discussions with its partners would come at the final step of the sale process. - Michael Rudnick
See Dealscape: Biogen Idec slate snubs Icahn's nominees
