Forest Laboratories generics, pharmaceuticals news
Forest Laboratories filed proxy materials for its August 15 annual meeting including a letter to shareholders which recommends voting for the company's 10 nominated directors. Forest also recommended shareholders reject the four nominees put forth by activist investor Carl Icahn. This is the second straight year Icahn has put forth nominees. Separately, Forest Chairman, President and CEO Howard Solomon sent a letter to Icahn addressing issues the activist investor previously raised including Solomon's compensation package and a succession plan. Solomon noted that Icahn had "never made an effort to engage with us outside the context of a proxy contest" and concluded, "we remain willing and ready to engage in a thoughtful dialogue regarding how best to build value for our shareholders" (see BioCentury, July 2). ...