Carl Icahn

Icahn loses a big round with Biogen Idec

John Carroll — Thu, 19 Jun 2008 11:47:37 -0400

Carl Icahn's high noon showdown with the executive team at Biogen Idec ended in a rare defeat for the Wall Street spoiler. Icahn conceded the fight, saying his slate of proposed board members had failed to gain enough support from investors. But the New York Times notes that Icahn may ultimately win the war over a prospective sale of the company.

Icahn had claimed that Biogen Idec had only half-heartedly attempted to find a buyer for the company last fall. The biotech company took itself off the auction block in December, saying no one had offered enough money to justify a sale. Now, though, with the dollar in decline and the euro running hot, a new bidder may yet emerge with enough money to win over the reluctant executives left running the company.

- read the report from the New York Times
- see this release from Biogen

Mpex in pact with GSK; Biogen favored in Icahn spat; Maxygen shares slide on threatened patent dispute;

John Carroll — Mon, 16 Jun 2008 07:31:17 -0400

> Mpex has inked a collaboration deal with GlaxoSmithKline. The collaboration provides GlaxoSmithKline access to Mpex's novel efflux pump inhibitors and related technology for use in combination with a variety of antibiotics. Mpex will receive an $8.5 million upfront payment and a $6.5 million equity financing commitment from GlaxoSmithKline. Contingent on achieving certain milestones, Mpex is eligible to receive development, regulatory and commercial milestones ranging up to $200 to $250 million for each product candidate. Release

> With three proxy advisory firms backing Biogen Idec against Carl Icahn, analysts say the biotech company should prevail in the disputed battle for board domination. The decision will determine whether Biogen remains independent or goes back on the auction block. The annual meeting is June 19. Report

> Shares of Maxygen slid 28 percent on Friday on investors' fears that the company may be sued by Amgen for patent infringement. Report

> SkyePharma announced this morning that the approval of GSK's Requip XL Parkinson's relief drug will provide a new stream of royalties for the company. Report

> MorphoSys announced that OncoMed Pharmaceuticals has triggered its option to extend the current license agreement between the two companies and has initiated two therapeutic antibody development programs targeting cancer stem cells. Release

> India's Jupiter Biosciences has forged a licensing deal with California-based GI Logics for developing and marketing Diamox, a product that targets H pylori bacteria. Story

> Chemical Heritage Foundation and the Biotechnology Industry Organization will present the ninth annual Biotechnology Heritage Award to Henri A. Termeer, chairman, president and CEO of Genzyme Corporation. Release

> Is what's good for pharma good for its regulators, too? As we all know, Big Pharma's outsourcing of active ingredients and manufacturing has caused a big bout of hand-wringing on the governmental side as FDA has struggled to keep up--and largely failed. The Bush administration has been pushing a plan to expand private inspections to drugs and other imports. Report

> And you thought the odds on new-drug approvals at the FDA were bad. Generics get the thumbs-down 96 percent of the time, according to a new report from the Inspector General. Generics report

> Can Shire weather the upcoming loss of Adderall XR to the off-patent wildnerness? Report

> In the investment world, the proposed Daiichi Sankyo-Ranbaxy Laboratories merger is just another big deal. But in India, it's taken on symbolic significance. Report

> GlaxoSmithKline is tops at getting medicines into the hands of the poor, a new report shows. At No. 3, Merck is the only U.S. company to make the top seven. No Japanese companies made the list, and generics makers ranked close to the bottom of the top 20. GSK report

And Finally... BIO chief James Greenwood talked legislative strategy in the lead-up to the San Diego meeting. At the top of the list: Funding for the FDA and the NIH and generics manufacturing rules. Report

Limerick raises $15M; Icahn offered $15B for Biogen; Neogen expands R&D

John Carroll — Thu, 12 Jun 2008 10:27:38 -0400

> Limerick BioPharma has ginned $11 million in venture funds and borrowed $4 million more to advance its work on the bioavailability of drugs. Arch Venture Partners, Sevin Rosen Funds and Altitude Funds are all listed as investors. Report

> Researchers have presented new data backing Cimzia over competitors for the rheumatoid arthritis category. Report

> Carl Icahn offered to pay up to $15 billion for Biogen Idec last October. Report

> Idenix reported positive phase I/II data on IDX899, which is being developed to treat HIV-1. Report

> Neogen says it intends to double its research and development efforts for its new fiscal year by hiring 23 additional R&D personnel by early fall. Neogen release

> Opexa Therapeutics announced favorable safety and efficacy data for Tovaxin, a T-cell vaccination therapy for multiple sclerosis, in the second year of open-label clinical re-treatment studies in patients with MS. Opexa release

> OPKO Health has acquired exclusive worldwide rights in the field of ophthalmology to a novel small molecule agent in Phase II clinical development for the treatment of viral conjunctivitis and other viral infections. OPKO release

> Vical has received $6.3 million from AnGes under a previously announced collaborative agreement for continued funding of the company's ongoing Allovectin-7 Phase III metastatic melanoma trial. Vical release

> Cell Therapeutics has sold $23 million in senior convertible notes. Report

And Finally... Baxter International says that a human trial of its Celvapan bird flu vaccine demonstrated that it spurred an immune response against three strains of the lethal virus. This is the first time that researchers have developed a flu vaccine using a virus grown in cell cultures rather than eggs. Vaccine report

Icahn accuses Biogen of lying about sales process

Thu, 05 Jun 2008 06:59:55 -0400

Hell hath no fury like Icahn scorned. Frustrated by Biogen Idec's decision to take itself off the market, Carl Icahn (photo) is now accusing the biotech giant of lying about its prospective buyers. Icahn says Biogen Idec's documents filed with the SEC are full of "inconsistencies" and "untruths." Contradicting the SEC documents, Icahn's group says that the company's board had little input in the sales process and rejected the company's claim that it did not stand in the way of talks with its drug partner Elan.

"It appears at least one potential bidder was denied its request to talk to Elan before submitting a binding offer, which may have caused that bidder to walk away from the process," states Icahn's filing.

- check out the AFX story

Enzon spins off biotech ops into $150M enterprise

Wed, 07 May 2008 06:59:57 -0400

Enzon Pharmaceuticals has decided to spin off its biotech operations into a new company, adopting a suggestion floated by none other than Carl Icahn. Icahn has been making quite a name for himself as a mover and shaker-upper in the biotech industry. Unlike Biogen Idec, which is now barricading the doors against Icahn's campaign to push a sale, Enzon appears to have quickly changed game plans under pressure from Icahn--separating its business into specialty pharma and biotechnology.

Icahn reported a 6.9 percent stake in the company last March, according to the Wall Street Journal, and swiftly suggested either a spin-off or sale of the company.

"The separation will enable the two businesses to compete more effectively in their respective markets and optimize their business goals, research initiatives and capital requirements," says Chief Executive Jeffrey H. Buchalter. Enzon CFO Craig Tooman will become president and CEO of the new company, which will start off with $150 million in the bank to fund R&D efforts. That's enough to fund operations for two to three years.

- see Enzon's release
- check out the article in the Wall Street Journal

Biogen squares off against Icahn in board battle

Fri, 18 Apr 2008 06:59:55 -0400

The war between Biogen Idec and Wall Street raider Carl Icahn is heating up. The Boston-based biotech has rejected Icahn's nominees for the board of directors and is putting up a slate of its own candidates. And a spokesperson says it all comes down to Icahn's tunnel vision on selling the company.

"In the end," she tells the Wall Street Journal, "the board decided that Mr. Icahn's slate is pledged to a single-minded agenda to sell the company. Such a singular focus represents a risk to driving future value that would not be in the interest of all shareholders."

Last fall Biogen Idec put itself up on the auction block, only to step back down after failing to get an offer acceptable to the CEO and the board. Icahn isn't having any of that, though. He's already filed suit over the failed sale and has been hammering Biogen Idec to get back on the sales block.

- read the article in the Wall Street Journal

Related Articles:
Icahn aims for Biogen control. Icahn report
Biogen CEO: Pharma too wimpy to deal. Biogen report
Biogen shares deflate as it gives up on sale. Biogen report
What's Biogen Idec really worth to Big Pharma? Biogen report
Biogen Idec in play after Icahn makes his move. Biogen report

ALSO NOTED: FDA approves Orencia; Delay on Amgen clotting drug decision; Icahn files suit for Biogen Idec papers; and much more

Wed, 09 Apr 2008 06:59:50 -0400

> The FDA has approved Bristol-Myers Squibb's Orencia for juvenile arthritis. Release

> Amgen says that the FDA will delay a decision on its blood clotting drug by three months. A decision had been expected by April 23. Release

> Not satisfied with Biogen Idec's explanation of its failed effort to find a buyer, Carl Icahn has filed suit to get a hold of internal documents on the search. No way, responds Biogen Idec, which says it's just another ploy aimed at forcing a sale. Report

> Antigenics has raised $21 million in a private placement. The money will be used to market Oncophage, a cancer vaccine that just won regulatory approval in Russia. Release

> Potentia Pharmaceuticals has completed a $12 million round of financing. The funds will allow Potentia to complete Phase I and move into Phase II clinical development of Potentia's novel investigational drug candidate, POT-4. Release

> Schering-Plough has officially terminated its partnership with Novacea for its Asentar prostate cancer program. A clinical trial was halted earlier due to an imbalance of deaths between the two treatment arms. Release

> The FDA has rebuked GlaxoSmithKline for failing to regularly report post-marketing Avandia data. Report

> Scientists at Memorial Sloan-Kettering Cancer Center in New York City have identified the molecular process by which breast cancer cells spread to other tissue during metastasis. Report

> The heparin death toll is far worse than we originally thought. The FDA has tripled the number of deaths it's attributing to allergic reactions to the blood thinner since January 2007, to 62 from 19. Report

> Just why would Novartis pay $11 billion for one-fourth of eye-care Alcon company and promise another $28 billion for another big chunk? Report

> Expect the FDA to stay out of the Vytorin fray, at least for now. Report

> In the latter part of the 20th century, the conventional wisdom in the drug industry was simple: bigger is better. But now the Big-Big management model is cracking up. Report

And Finally... It turns out that hundreds of bacteria can actually 'eat' antibiotics, according to researchers at Harvard Medical School. Report

Icahn sells Genzyme stock

Fri, 15 Feb 2008 06:59:58 -0500

Carl Icahn has cashed in his Genzyme chips and evidently gone looking for another game. After arousing intense speculation last year that he would pull an Icahn and shake up Genzyme with big demands and blistering criticism--as he had at ImClone and other biotechs--Icahn sold his shares in late December. Genzyme CEO Henri Termeer (photo) may have persuaded Icahn to take the money and run after publicly vowing to resist any effort to make him sell or break up the aggressive developer. "We have pioneered very important therapies and that is what we want to continue to do," he told the hometown Boston Globe late last year.

Of course, whatever his long-range goals may have been, Icahn still came out well ahead. Genzyme stock had shot up 20 percent when he cashed out its 1.5 million shares.

- check out this article for more

Related Articles:
Icahn: Biotechs must merge with Big Pharma. Report
Is Carl Icahn out to buy Genzyme? Report
Who's next on the biotech buyout hit list? Report
Boston officials herald big Genzyme expansion. Report

Icahn: Biotechs must merge with Big Pharma

Thu, 07 Feb 2008 06:59:58 -0500

Biogen Idec CEO Jim Mullen (photo) is no wilting violet. When no Big Pharma companies stepped up to the plate to offer him what he thought the company was worth, he spurned them as too timid. And now that Carl Icahn--the bane of corporate CEOs who have drawn his ire--has criticized the biotech for not doing enough to sell the company, Mullen's not backing up an inch. "Monday morning quarterbacking" is how he describes Icahn's complaint. Biogen did serious buyout reviews twice in a month, he says, and no serious offer was to be had. But that's not enough to appease Icahn. "I think a lot of these biotechs have to merge with Big Pharma," he said on CNBC. "This [Biogen Idec] is one of them."

- read the report from the Boston Globe

Related Articles:
Icahn aims for Biogen control. Report
Biogen CEO spells out interest in biotech buyout. Report
Biogen CEO: Pharma too wimpy to deal. Report
Biogen shares deflate as it gives up on sale. Report
Efficient drug programs demand partners, outsourcing. Report

ALSO NOTED: Dynogen goes public; Alpharma sells ingredients unit for $395M; Arizona launches new venture fund; and much more...

Wed, 06 Feb 2008 06:59:50 -0500

> Dynogen Pharmaceuticals is going public in a buyout deal with Apex Bioventures Acquisition Corp. Dynogen shareholders will initially receive $98 million in the deal, with Dynogen merging with a subsidiary of Apex. Dynogen will be left with about $65 million in cash on hand for development work. Dynogen has been focused on irritable bowel syndrome, nocturnal gastroesophageal reflux disease and overactive bladder. Release

> Alpharma plans to sells its active pharmaceutical ingredients unit to 3i for $395 million and use the proceeds to grow its drug and animal health business. Release

> A group of Arizona biotech leaders has created the state's first venture fund for early-stage developers. Translational Accelerator gets started with $20 million for the biotech field, with the money slated for developers either in the state or coming to the state. Companies engaged in research for cancer and central nervous system diseases and diagnostics can qualify for loans of $500,000 to $2 million. Report

> Investor Carl Icahn (photo), who has specialized recently in upending several biotech companies, says he's planning to start blogging about some of his favorite issues, like executive compensation. Report

> Researchers are focusing on a more efficient method for breeding transgenic animals to produce proteins. Report

> The FDA has agreed to review UCB's Cimzia for rheumatoid arthritis. Report

> Cook Pharmica, a contract manufacturer, is planning an $80 million expansion of its Bloomington, IN plant. Report

> MethylGene and EnVivo Pharmaceuticals today announced that MethylGene has exercised its right to opt-out of further funding in its collaboration with EnVivo signed in February 2005. Release

> Biogen Idec reported a surge in profits in the fourth quarter as revenue from its two biggest therapies--Rituxan and Avonex--spiked. Report

> Puerto Rico is the birthing center for 13 of the 20 top-selling drugs in the U.S., but plants there have had repeated quality-control problems, according to an investigation by the Associated Press. Report

> The UK's Wellcome Trust says it will pump up its research spending by 60 percent over the next five years as it ambitiously seeks a better understanding of diseases at a genetic level. Report

> Reporters took Fosamax's patent expiration today as an opportunity to remind us all that 20 billion worth of drugs will go off patent this year, cutting big-time into Big Pharma's sales. Report

> Think before you click. That's the moral of today's tale, the story of a lawyer, a reporter and a $1 billion potential settlement that Eli Lilly wanted to keep quiet--but ended up all over the news. Report

And Finally... DNA from the Black Rat can be used to show how diseases have spread around the globe. Release