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April 7, 2009
Biogen Idec: What's Going On?
Posted by Derek
Biogen Idec has continued to fight off Carl Icahn, opposing his nominees to the company's board and setting up a fight at the annual meeting later this year.
But this morning (as a correspondent has just pointed out to me) the company's stock has been taking off. It's up about 7%, with the broad market down, and all of this rise seems to have been since 11 AM. Someone's stepping up and buying a good amount of BIIB, for some reason. But who, and why?
Update: ah, here we go - rumors of Sanofi-Aventis or some other non-Ichan entity stepping in. We'll see if there's anything to it. . .
Comments (7)
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1. Bob on April 7, 2009 12:14 PM writes...
The company itself? Icahn? And remember the stock has taken a hit the last few days. It is undervalued for a long time anyway, and its earnings are due out soon, and look to be better than expected.
Permalink to Comment2. Hap on April 7, 2009 12:25 PM writes...
Could it be normal variation? This link seems to indicate that there are a fair number of days in the last six months where the stock price has gone up or down by up to 10%, so it might just be their stockholders. I don't know how it is paid, but their dividend might be today, too.
If something interesting happens soon, I'm sure the SEC will be interested in the activity, though.
Permalink to Comment3. Petros on April 7, 2009 2:30 PM writes...
Well sanofiaventis eems to be feeling acquisitive. It's picked up the Mexican generic comnay Kendrick, is rumoured to be buying the Brazilian firm Medley and in talks with Solvay for the latter's pharma business.
Permalink to Comment4. Furd on April 7, 2009 2:41 PM writes...
Dividend ? Obviously you follow Biogen religiously.
Permalink to Comment5. china.bonding on April 7, 2009 9:59 PM writes...
yes, sanofi seems hungry. I wonder if Amgen is a dark horse, too?
Permalink to CommentCircle the wagons on biotech P/E ratios or get gobbled up.
6. Chuck Kettler on April 8, 2009 6:55 AM writes...
Anybody who has had the opportunity to tour the BiogenIdec manufacturing facilities can tell you they are far ahead of the majority in process understanding and control of building and isolating large molecules. Their multivariate trajectory modeling gives them an advantage that most companies cannot fathom because they hesitate to make the infrastructure capital commitments. Lots to learn from those folks, but probably not on our radar.
Permalink to Comment7. Edwin Giron on April 8, 2009 12:26 PM writes...
There's always some turbulence when Carl Icahn gets involved. From personal experience, his ambitions with Mylan (MYL), led to the demise of Bertek Pharmaceuticals. I hope the same doesn't happen with Biogen.
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