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Wednesday, August 10, 2011

Icahn raises Forest Labs stake in board battle, (NYSE: FRX), (NASDAQ: BIIB), (NASDAQ: ENZN)

Billionaire investor Carl Icahn increased his stake in Forest Laboratories Inc (FRX.N) to 9.2 percent, ratcheting up the pressure in his proxy battle with the U.S. drugmaker. Icahn reported his new stake in a securities filing on Wednesday. Icahn's High River LP held a 7.2 percent stake as of June 15, according to Forest's preliminary proxy filing last month, making him the company's fourth-largest holder. His new stake would place him third, behind Wellington Management and Vanguard Specialized Funds, if the positions from the preliminary proxy have been maintained. Icahn is seeking to place four representatives on Forest's board, against the wishes of the company. Proxy advisory firm Glass Lewis said on Tuesday that shareholders should back one of Icahn's nominees -- Richard Mulligan, a Harvard Medical School genetics professor who sits on the boards of biotech companies Biogen Idec Inc (BIIB.O) and Enzon Pharmaceuticals Inc (ENZN.O). The Forest annual shareholder meeting is scheduled for Aug. 18.

Forest Laboratories, Inc. (Forest) develops, manufactures and sells branded forms of ethical drug products, most of which requires a physician's prescription. Shares of FRX fell by 1.75% or $-0.61/share to $34.16. In the past year, the shares have traded as low as $27.27 and as high as $40.52. On average, 3734850 shares of FRX exchange hands on a given day and today's volume is recorded at 55677.

Biogen Idec Inc. (Biogen Idec) is a global biotechnology company focused on discovering, developing, manufacturing and marketing products for the treatment of neurological disorders and other serious diseases. Shares of BIIB fell by 3.72% or $-3.33/share to $86.10. In the past year, the shares have traded as low as $53.14 and as high as $109.63. On average, 2201300 shares of BIIB exchange hands on a given day and today's volume is recorded at 74328.

Enzon Pharmaceuticals, Inc. (Enzon) is a biopharmaceutical company dedicated to the discovery and development of medicines for patients with cancer other life-threatening conditions. Shares of ENZN fell by 1.57% or $-0.13/share to $8.13. In the past year, the shares have traded as low as $7.42 and as high as $12.71. On average, 421358 shares of ENZN exchange hands on a given day and today's volume is recorded at 6507.