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CNBC ON DIGG

Biogen Idec Goes To The Mat

Published: Wednesday, 3 Jun 2009 | 2:21 PM ET

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By: Mike Huckman
Reporter

AP
"No comment."

Before I give you the high-tension, high-drama, high-intrigue details of the Biogen Idec shareholder meeting, it's best to just right from the get-go to let you know a spokesperson for the biotech company said, "No comment," about what's going down.

Billionaire activist investor His reps think Carl Icahn is trying to get four of his people on the BIIB Board of Directors. they've won two seats and accuse BIIB of trying to change the outcome at the 11th hour by calling big institutional investors about their vote.

Icahn isn't here. But three times one of his guys got up in the middle of the shareholder meeting and asked for the polls to be closed. Each time he was shot down.

There was an early indication BIIB [BIIB Loading... () ] might be employing stall tactics. The head of research and development got up and took a super deep dive into Biogen Idec's drug pipeline. It was the kind of detail you'd expect to hear at an analyst meeting. Usually these guys get up and simply give investors a view from 35,000 feet of what's in the hopper. This was dense...and boring for most of the shareholders (not to mention reporters) in the room. One reporter referred to it as a filibuster.

I mean, we're here to cover the proxy battle with Icahn. Let's get on with it.

After the R&D thing, the company announced there'd be a five-minute break. Then they came back and said the meeting would be in recess until 2 o'clock in the afternoon. What?! Now, this is gettin' good.

Icahn's people almost immediately filed a court motion to close the polls and invalidate any votes that were changed or cast after their first request this morning to stop the voting.

Icahn and Eastbourne Capital just won two seats on the Amylin [AMLN Loading... () ] board and ousted the chairman and lead independent director. My guess is he's probably feeling like he could be on a roll here.