Biotech
Biogen Idec has hired Goldman Sachs and Merrill Lynch as financial advisers.
The subject of Biogen Idec's potential as an acquisition target has been hotly debated ever since Icahn revealed his stake. Large pharmaceuticals firms are widely believed to be eyeing fast-growing biotech firms as a panacea for their operating ills, caused mostly by the loss of revenue from blockbuster drugs coming off patent protection. Earlier this year, AstraZeneca(AZN) acquired biotech firm MedImmune for $15.6 billion. However, there are contractual issues that could make any deal with Biogen Idec complicated. Biogen Idec and Genentech(DNA) share rights to the blockbuster cancer drug Rituxan. Under terms of the agreement, any "change of control" at Biogen Idec triggers Genentech's right to purchase 100% of Rituxan. Biogen Idec also shares rights with Irish drug maker Elan(ELN) to the multiple sclerosis drug Tysabri. Again, if there is a change of control at Biogen Idec, Elan has the option to buy 100% rights to Tysabri, although Elan may not be financially strong enough to do so. To see all of Icahn's stock holdings, check out the Carl Icahn portfolio at Stockpickr.com.TheStreet Premium Services
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