|Biogen Idec Announces Preliminary Results of Stockholder Vote|
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Jun. 4, 2009-- Biogen Idec (NASDAQ: BIIB) today announced that, based on a preliminary count provided by its proxy solicitor, it appears the Company's stockholders elected Robert W. Pangia, William D. Young and Alexander J. Denner, Ph.D., to the Biogen Idec Board of Directors. Based on that count, results on the election of the fourth director were too close to call. The Company will rely on the tabulation of votes by the Company's independent inspector of elections, IVS Associates, before announcing the remaining director to serve on the Board.
In addition, the preliminary count shows that stockholders supported the Biogen Idec Board's recommendations to institute majority voting in uncontested elections, ratify the Company's auditor, and reject a proposal to change the Company's jurisdiction of incorporation to North Dakota. It appears that stockholders also supported the Board's recommendation to reject a proposal to amend the Company's bylaws to set the size of the Board at 13.
Bruce R. Ross, Biogen Idec's Chairman, said, "We welcome our new director to the Board and look forward to working together to build on our strong track record of delivering value. While we await the outcome of the vote for the remaining director, we would like to express our gratitude for the support of our stockholders."
About Biogen Idec
Biogen Idec creates new standards of care in therapeutic areas with high unmet medical needs. Founded in 1978, Biogen Idec is a global leader in the discovery, development, manufacturing, and commercialization of innovative therapies. Patients in more than 90 countries benefit from Biogen Idec's significant products that address diseases such as lymphoma, multiple sclerosis, and rheumatoid arthritis. For product labeling, press releases and additional information about the company, please visit www.biogenidec.com.
Source: Biogen Idec
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