Biogen urges shareholders to reject Icahn nominees

USA-based Biogen Idec has commenced the mailing of proxy materials encouraging shareholders to vote at the company's June 19 annual meeting for "four highly regarded and accomplished individuals nominated for election by the board of directors." In the proxy materials, shareholders are advised by the board to reject the three director nominees proposed by billionaire investor Carl Icahn.

The letter emphasizes three critical points for shareholders to consider in determining their vote:

- the Biogen board, including the three directors up for re-election, has a track record of delivering value, as evidenced by the company's consistently strong financial results and stock performance exceeding the Amex Biotechnology Index by 26% in the four-plus years since the Biogen Idec merger (as of May 2, 2008); - each of the board's four nominees is committed to creating significant value for all shareholders and will continue to pursue all options to do so; and - Mr Icahn has consistently promoted a single-minded agenda to sell the company. Biogen believes that electing his slate will impair the company's efforts to deliver and drive shareholder value.