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February 22, 2010

Icahn Nominates Four To Genzyme Board

By Matthew L. Brown

Icahn Partners LP has informed Cambridge-based Genzyme Corp. that it intends to seek four seats on the company's board of directors, including one for billionaire activist investor Carl Icahn.

In a statement, Genzyme, a pharmaceuticals and biotech giant that has significant operations in MetroWest, said its board would evaluate the nominees. Genzyme's board includes nine members, all of whom are up for reelection in May.

Genzyme chairman and CEO Henri Termeer said the company welcomes "a constructive dialogue with Mr. Icahn."

Icahn's other nominees include Steven Burakof, Alexander J. Denner and Richard Mulligan.

The shutdown of Genzyme's Allston manufacturing facility brought the company's fourth quarter profit down from $86.7 million in 2008 to $23.2 million last year.

Icahn owns nearly 5 million shares of Genzyme stock.

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