Monday, 25 July 2016
Last updated 7 min ago
Mar 23 2010 | 12:20pm ET
To prevent a third proxy battle with Carl Icahn in three years, biotechnology company Biogen Idec has agreed to give the activist hedge fund manager a third seat on its board of directors.
Under the deal with Icahn, cancer specialist Eric Rowinsky will join Biogen’s board, alongside Alexander Denner, managing director of Icahn Partners, and Harvard Medical School genetics professor Richard Mulligan, Icahn nominees elected to the board last year.
For his part, Icahn has agreed to withdraw his three nominees to the board this year and the hedge fund will vote its shares for the management slate.