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12:00 AM
 | 
Jun 23, 2008
 |  BioCentury  |  Finance

Post-proxy pledges

Now that its shareholders have shot down a bid by financier Carl Icahn to put three directors on the board with a remit to force a corporate sale, management at Biogen Idec Inc. will be on the hook to produce the growth numbers it pledged in September after Icahn began to accumulate shares.

It’s been a roller coaster ride for Biogen Idec investors, as the shares reached a high of $82.51 on Monday, Oct. 15, 2007, the first trading session after the company said it would consider bids to buy the company.

The stock then sank back to the mid-$50s after Biogen Idec reported in December that it had not received any definitive offers. Icahn responded by launching a public campaign to wrest control of the company’s board.

The stock has since vacillated around $60. It closed Friday at $58.01.

Icahn’s group, which held a collective 4.3% stake in Biogen Idec as of May 16, alleged that...

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