Biogen Idec sees more cases of PML, as CEO departure is viewed as potential sale of the firm; new appointments made

News last week the chief executive of US biotechnology firm Biogen Idec, James Mullen, was to give up his post on June 8, has been welcomed by a lot of investors and has increased speculation that the company is preparing to sell itself again, having failed to do so previously.

Not least of these are billionaire investor Carl Icahn and Scott Harrison, an analyst at Argent Capital, which has $850 million under management and owns 365,000 Biogen shares, reported Reuters. 'There hasn't been a lot of confidence in Mullen's leadership, and this reminds folks that the moves made last year by Icahn are having some impact,' Mr Harrison added.

Mr Icahn and Mr Mullen have long battled over the over the direction and future of Biogen, resulting in the former winning two Biogen board seats last year, following a contentious proxy battle. Mr Icahn, who championed a sale of the company, had accused Biogen of sabotaging the drugmaker's attempts to find a buyer. Additionally, Mr Mullen was blamed for the failure of Biogen's attempt to acquire Facet Biotech last month (The Pharma Letter December 18, 2009).