Biogen (BIIB) Advisors Recommend Not Voting for Icahn's Slate of Directors

May 26, 2009 7:56 AM EDT

Biogen Idec (NASDAQ: BIIB) today announced that Proxy Governance Inc. and Glass, Lewis & Co. both recommend stockholders vote the WHITE proxy card FOR all of the Company's nominees at its June 3rd Annual Meeting of Stockholders. Glass Lewis and Proxy Governance also recommend that their clients NOT vote on the gold proxy card for Carl Icahn's slate of dissident director nominees. In addition, the Company commented on the report from RiskMetrics Group/ISS Governance Services recommending two of Carl Icahn's four nominees. The Company believes that its full slate of director nominees is the right one to lead Biogen Idec forward and strongly recommends that shareholders vote the WHITE proxy card FOR all of the Company's nominees.

Glass Lewis and Proxy Governance are two of the nation's leading independent proxy voting advisory services, and their recommendations are relied upon by hundreds of major institutional investment firms, mutual funds and other fiduciaries.

Glass Lewis stated in its analysis:

• "...(the) board and management team have delivered on the stated goals of the 2003 merger and the Company has generated strong revenue and earnings performance since the combination."
  
• "...the dissident has failed to convince us that there are significant problems at the Company."

Proxy Governance stated in its report:

• "....the company is clearly committed to an ongoing process of maximizing the opportunities at hand, and identifying the full potential of new opportunities as they emerge."
  
• "Because the board's strategic plan has delivered financial performance in excess of the five-year goals laid out in the merger which created the company, its pipeline strategy has developed robust potential for the future, and its governance practices and recommendations have demonstrated a strong sense of accountability to shareholders, we believe shareholders will be best served by supporting the management slate of nominees."

Biogen Idec's Chairman Bruce R. Ross said: "We are extremely pleased that two of the country's leading independent proxy advisory firms recognize our Board's strong track record of driving growth and delivering shareholder value. Our nominees are committed to continuing to serve the best interests of our stockholders, and we strongly urge Biogen Idec stockholders to elect the Company's slate of four highly qualified and accomplished individuals."

Mr. Ross added: "We are disappointed that in not recommending our nominees, RiskMetrics fails to recognize their significant contributions to a Board that has a track record of strong financial and operational performance. We believe that the election of any of Mr. Icahn's nominees would harm our efforts to drive shareholder value and, in fact, could destroy value."

Biogen Idec urges stockholders to support the Company's nominees by signing, dating and returning the WHITE proxy card today. Stockholders who require assistance in voting their shares may call Biogen Idec's proxy solicitor, Innisfree M&A Incorporated, toll free at 877-750-8536.

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