Carl Icahn, reputed to be a late-riser, woke up to good news and bad news today.
First the bad news: His stake in Genzyme is worth less. The good news? His chances of winning a proxy fight against the embattled biotech might be greater.
For those who aren't familiar with the company, Genzyme is kind of unique in that it has been built around drugs for rare diseases that few, if any, other companies bother with. And then it charges a pretty penny for them.
As Bernstein analyst Geoffrey Porges wrote in a research note to clients, "The case for activist involvement, including restructuring of the company and changes to top management, is now stronger than ever." Icahn has nominated himself and three of his people to be on the GENZ Board of Directors because he thinks the formerly high-flying biotech stumbled big time last year when its Boston manufacturing plant got contaiminated by a virus. I bloggedabout the plant when the company gave did a little show-and-tell tour before my interview with the comapny's chairman and CEO Henri Termeer a few months ago.