Icahn Moves To Sell Biogen Idec (BIIB) After Adding another Director

Billionaire activist investor Carl Icahn announced that he will attempt to sell Biogen Idec Inc (Nasdaq: BIIB).

Icahn Partners LP and its affiliates own 16.1 million shares, or 6% of outstanding shares, of Biogen Idec.

Icahn has had a series of proxy battles with Biogen Idec and the company recently allowed him to another director to the board to avoid another proxy fight.

Biogen Idec first got into a battle for control with Icahn in 2007 when the company dropped plans to try to sell itself.

Biogen Idec's Chief Executive Officer, James Mullen, recently announced he would retire in June.

With the retirement of Mullen and more influence on the board for Icahn, the activist investor will push to either sell the company or split it into two businesses, one focusing on cancer research, the other focusing on neurology.