Pharma's Market
SPECIAL REPORT
MOST SHARED
- Good Sign for the Economy: 'Greed' Makes a Comeback
- Dubai Stocks Could Fall a Further 30%: Charts
- Timeless and Time-Tested Warren Buffett Watch Predictions
- Bank of Japan Offers More Liquidity at Emergency Meeting
- Dubai Markets Close Sharply Lower for Second Day
- Manufacturing in Focus as Bulls Call for Turn in Dollar
- Treasury Threatens Banks, Not Borrowers
- What to Expect from Cyber Monday
- Dubai World Set to Restructure About $26 Billion of Total Debt
- Bove: 26 Banks May Need To Raise More Capital
- How Long Will This Health Care Firm's Rally Last?
- Dubai a 'Wake Up Call'—Expect Volatility Now: Market Pro
- Treasury Threatens Banks, Not Borrowers
- We're Approaching a Market Bubble: Portfolio Manager
- Hershey Shares: What Options Are Saying
- Nov. 30: Unusual Volume Leaders
- Why Careful Shoppers Are Great for the Box Office
- Blue Nile CEO: 'We're Having the Best Cyber Monday Ever'
- Best Online Retailers to Buy Now: Internet Analyst
- Trump: Time to Force Banks to Start Lending
- More Late on Auto Loan Payments in Third Quarter
- Treasury to Sell 12.7 Million Capital One Warrants
- Contagion Fears Calmed by Dubai World Plan
- AIG Cuts Debt to Government by $25 Billion; Shares Up
- GM Sees China Sales Soar 110% in November
- China Hires Foreigners to Manage Forex Reserves
- Bank of Japan Offers Liquidity at Emergency Meeting
- Somali Sea Gangs Create Pirate Stock Exchange
PHARMA'S MARKET VIDEO
RSS FEED
Text Size 
Reporter
 |
AP |
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.
Biogen Idec is clearly trying to stop him.
But all I can get out of the company is, "No comment."
Questions? Comments? and follow me on Twitter at mhuckman
Data is a real-time snapshot *Data is delayed at least 15 minutes