Carl Icahn wasted no time before sliding on the brass knuckles in preparation for his battle with Genzyme management. Icahn, who loves a fixer-upper project, pronounced the big biotech as ‘broken' and said he intends to fix what's wrong.
"Given that Genzyme's management has performed so poorly in the past, our first task will be to attempt to help fix what is broken," said Icahn, in a statement. "We have heard from a number of shareholders that they have very little faith in the current board and believe that there should be a major shake-up in its composition."
Icahn, who owns a 1.8 percent stake in Genzyme, has submitted his own name along with three allies for the board. And he's touting his prior coup at ImClone as proof of what he can do for a biotech company like Genzyme.
"Our team, on becoming members of the ImClone board, worked diligently to resuscitate the company and achieve great returns for all shareholders. We would hope to achieve the same result for Genzyme shareholders."
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