Amylin Pharmaceuticals isn't the only company Carl Icahn is targeting. If you'll recall, Icahn made a play for control at Biogen Idec last summer after the company took itself off of the auction block. The board of directors rejected Icahn's proposed slate of directors. Apparently undeterred, Icahn boosted his stake in the company from 4.3 percent to 6 percent. And now he's at it again.
In a statement issue on Friday, Biogen says that Icahn Partners will nominate four execs to Biogen's Board of Directors: Alexander J. Denner, Richard C. Mulligan, Thomas J. Deuel, and David Sidransky to Biogen Idec's board of directors. The former two were part of a group rejected by Biogen's board in Icahn's first proxy fight attempt last June. The nominations were accompanied by a proposal to change the company's jurisdiction of incorporation to North Dakota and to amend the company's bylaws to expand the BOD from 12 to 13 members.
This comes as Biogen's shares fell in morning trading after Tysabri sales disappointed analysts and the company disclosed that yet another patient had developed PML, bringing the total number of patients diagnosed with the rare brain disease to five.
Total 2008 revenues for Tysabri more than doubled to $589 million. The company saw sales for the multiple sclerosis med Tysabri reach $156 million in the last quarter of 2008; a 73 percent increase over 2007 Q4 revenue, but a drop in sales compared with the previous quarter. Although year over year Tysabri sales more than doubled, slowing growth in Tysabri's patient base and lagging Q4 sales disappointed the Street, the Associated Press reports. Analysts expected an average of $185 million in 2008 Q4 revenue for Biogen.
Overall, Biogen Idec says the company met 2008 Q4 profit forecasts and exceeded its $4 billion goal as revenues grew by 29 percent, bringing the company's total 2008 revenues to $4.1 billion (from $3.2 billion in 2007). Revenue climbed 20 percent to $1.07 billion in the fourth quarter from $893 million the prior year, with multiple sclerosis drug Avonex sales up 13 percent and a 20 percent increase in revenues from the cancer med Rituxan.
- here's Biogen's release on Icahn
- view Biogen's earnings
- read the Street's take on Biogen's financial report
- check out the AP's report on Biogen's numbers