Is Biogen Idec Icahn's Next Activist Target?

Following news that Carl Icahn activist target BEA Systems Inc. (Nasdaq: BEAS) received a $17 per share takeover bid from Oracle (Nasdaq: ORCL), investors are looking at Biogen Idec (Nasdaq: BIIB) as Icahn's next possible activist target.

In the latest 13F from Carl Icahn's Icahn Management hedge fund the firm showed a 2,740,000 share stake in the biotech company. This is equal to about 1%.

In August, Icahn received FTC clearance to increase his stake in Biogen, but has yet to disclose an increased stake.

Icahn bought Biogen's stock because he believes the company is undervalued and is a takeover candidate.

Icahn has had success with biotech companies in the past - he was accumulating shares on MedImmune shortly before the company announced a sale to AstraZeneca PLC (NYSE: AZN).

Shares of Biogen Idec were up 1% today to $67.82.