Forest Laboratories posted an unexpectedly large loss in its fiscal third quarter as sales of its antidepressant Lexapro were buffeted by generic competition and sales of its Alzheimer's drug Namenda were negatively affected by higher rebates under a federal program that subsidizes the cost of prescription drugs.
Billionaire investor Carl Icahn has secured one out of four board seats he sought at drugmaker Forest Laboratories in a bitter proxy fight, according to an early tally of shareholder votes at the company's annual meeting on Wednesday.
Preliminary results showed that Icahn nominee Pierre Legault, a former executive at several big drugmakers, will join the 10-member board, replacing current director Dan Goldwasser, chairman of the compensation committee.
Large investors in U.S. biotech companies are likely to capture serious windfall profits as deal activity picks up in the sector.
A Reuters analysis of investors' average cost found that six U.S. biotech companies flagged as potential takeover targets could yield billions of dollars in profits for their major shareholders at current share prices.
The boards of BlackRock , Merck & Co and Caterpillar topped a ranking of the most capable boards of directors in corporate America, while a publicly traded affiliate of activist investor Carl Icahn came in last.
Companies rated as the least capable boards included several traditionally family- or founder-controlled companies, including Tyson Foods, Dole Food and D.R. Horton.
A study by James Drury Partners, which conducts director searches, ranked boards of the 500 largest U.S. companies by revenue, based on the number and experience of their directors.
AstraZeneca and Bristol-Myers Squibb are among several pharmaceutical giants that have submitted initial bids for Amylin Pharmaceuticals, the diabetes drugmaker that is exploring a sale, according to people familiar with the matter.
Billionaire investor Carl Icahn, who last year failed to get his nominees elected to the board of Forest Laboratories, plans to back another slate of directors at the drugmaker's next shareholder meeting, according to a regulatory filing on Wednesday.
Icahn holds 9.92% of Forest shares -- up from 9.2% last August -- making him the company's second-largest shareholder behind Wellington Management's 12.8% stake, according to Thomson Reuters data.
Carl Icahn sued Amylin Pharmaceuticals on Monday to extend a deadline for nominating directors, as the activist investor pushes to win enough board seats to engineer a sale of the drugmaker.
Icahn, whose 8.94 percent stake has made him Amylin's third-largest shareholder, faulted the company for failing to reveal that it had rejected a roughly $3.5 billion takeover bid from Bristol-Myers Squibb.
Biogen Idec's board is proposing that all directors be elected on an annual basis as opposed to the current process of staggered term elections, the company said on Friday.
The biotechnology company, a frequently rumored takeover target, proposed declassifying its 12-member board in its annual proxy filing. Currently, one-third of the board is elected each year.
Shareholders will vote on the proposal at Biogen's annual shareholder meeting on June 2.