Icahn sues Biogen to view records
From Times Wire Services
Biogen Idec Inc. was sued by billionaire investor Carl Icahn over access to documents detailing the company’s failed attempt to find a buyer last year.
Icahn, who owns Biogen shares valued at $650 million, sent the company a letter March 28 demanding to inspect records on how the sale process was designed and conducted. Biogen denied the request April 4, prompting Icahn to sue, lawyers for the investor said in a complaint filed this week in Delaware Chancery Court in Wilmington.
Biogen lost more than $5 billion in market value in December when it abandoned a plan to sell the company after not receiving any offers.
