Icahn Boosts Stake in Biogen Idec to 6% Following TYSABRI Sell-Off

In a 13D filing on Biogen Idec (BIIB), Carl Icahn disclosed he raised his stake in the company to 6.03% (17,511,304 shares). This is up from the 9,948,723 share stake held at the quarter ended 3/31/08.

Icahn noted that his representatives have had, and from time to time may seek to continue to have, discussions with representatives of Biogen Idec to discuss general business issues relating to the Issuer as well as their concerns relating to shareholder value.

Icahn disclosed he paid $916,501,219 for the position, or about $52 per share. Shares of Biogen are currently at $50.76.

Shares of Biogen Idec sank 28% on 8/1 after disclosing two additional TYSABRI-related PML cases. The filing showed Icahn accumulated large sums of stock after that drop.

Carl Icahn is one of the most prolific activist investors in the market today. He has had mixed results lately, but a strong long-term track record.