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12:00 AM
Oct 15, 2007
 |  BioCentury  |  Finance

Ebb & Flow Focus

After raising the ante, Biogen Idec Inc. is now officially available for sale. Last Friday, the company said it would evaluate whether shareholder value would be best served via an acquisition or remaining as a standalone company.

BIIB (Cambridge, Mass.) also disclosed it had "received expressions of interest, including one from investor Carl Icahn."

The Street has pushed BIIB up steadily from a bottom of about $45 in March, aided by a share buyback via Dutch auction in early July and a commitment by management in early September to a compound annual growth rate of 15% for revenue and 20% for non-GAAP EPS from 2007 to 2010 (see "Up, Up and Away," A16).

Acquisition rumors, fueled by Federal Trade Commission approval for Icahn to buy an undisclosed number of shares also contributed to BIIB's rise. Although the finanancier's current stake hasn't been disclosed, Icahn Management owned 2.74 million shares at Aug. 14, for a 0.8% holding (see BioCentury, Sept....

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