The New York Times-20080129-Biogen Is Faulted On Its Sale Process

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Biogen Is Faulted On Its Sale Process

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The investor Carl C. Icahn said on Monday that he was trying to get three supporters elected to the board of the biotechnology firm Biogen Idec because of concerns over the sales process.

A spokeswoman for Biogen Idec, Naomi Aoki, said in response, We continue to stand behind our sale process, which was thorough, comprehensive and consistent with industry standards.

A two-month search has failed to yield any definitive offers, surprising many observers who had expected major pharmaceutical companies would find a deal for Biogen Idec an attractive way to bolster their drug portfolios.