Icahn Cashes Out of Genzyme
Posted by Jacob Goldstein
February 15, 2008, 9:01 am
Carl Icahn — corporate raider, bane of boards, soon-to-be-blogger — has cashed out of Genzyme, the Boston Globe reports.
boston.com
He reported in September that he had bought 1.5 million shares in the company, or less than 1% of the stock. He’s been hitting biotech pretty hard lately — last year he pushed MedImmune to sell itself to AstraZeneca, and prompted Biogen Idec to put itself up for sale (though the company didn’t find a buyer).
After Icahn announced his stake in Genzyme, the company’s CEO Henri Termeer went on the road to persuade shareholders that Genzyme was better off remaining independent. Maybe he convinced Icahn.
Icahn’s sale was disclosed in a regulatory filing that didn’t specify exactly when he cashed out. But, the Globe notes, he likely made a nice profit — the company’s stock rose 20% in the fourth quarter, when Icahn sold his shares.
Bonus Blog: Icahn said last week that he’s plans to launch a blog (icahnreport.com) to vent his spleen about management problems at public companies, including those he hasn’t invested in. “I may do something to finally focus on more than making money,” he told the WSJ. Welcome to the blogosphere, Carl. Ping us when you’re up and running.
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