(Posted By: Josi Creek)
BOSTON (Reuters) — Biogen Idec, the biotechnology company, said on Monday that it had come to an agreement with the investor Carl C. Icahn under which Mr. Icahn would abandon his threatened proxy fight in return for Biogen’s acceptance of a nominee to its board.
The agreement brings the number of Icahn representatives on Biogen’s board to three and heads off what would have been Mr. Icahn’s third proxy contest in three years at the company.
Biogen, which makes the multiple sclerosis drugs Tysabri and Avonex, is one of the world’s biggest biotechnology companies, with revenue of $4.4 billion in 2009. Tysabri, its most important product, is made in a 50-50 partnership with the Irish drug maker Elan.
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