Biogen picks apart Icahn proposal, says open to 'credible' acquisition proposal - Boston Business Journal:

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Also of note: Biogen said it would considerany “credible acquisition proposals,” adding that the compan has eliminated some obstacles, includinbg a poison pill provision, designed to block hostile The Cambridge, Mass.-based company’s slide presentation, “Biogenm Idec Response to Carl Icahhn Proposal,” said the Ichan plan, which calls for Biogen to essentially split itself in half and sell off under-performinhg units, would inflate operating costs and resulg in potentially higher taxes for the properties targeted. The formapl response was filed late Friday withthe .
Biogen BIIB) also argues that by splittingf and selling parts of the access to capital will be negatively affected since thosee operations will have greater producty concentrations and reduced cash Those factors could lead to downgradexsby credit-rating agencies, Biogen said. On May 11, Ichanm said Biogen should split itscancer - and neurology-drug operations. He has also nominated four people to jointhe company’zs board.