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The Icahn Theme

This post has been updated to indicate that Spoonful of Medicine is a Nature Medicine blog.

Carl Icahn, who made a name in this field for his aggressive tactics as a Biogen Idec investor, is taking his approach to Forest Laboratories, according to this story from Bloomberg.

Icahn sold his Biogen shares — reported to be worth some $750 million back in June, reports The Wall Street Journal. Icahn had a tumultuous time as a Biogen investor — he worked to reshape the board of directors, then got the board to put the company up for sale and, when it did not sell, he accused the company of lying about its efforts, according to Nature Medicine's Spoonful of Medicine blog.

Icahn's approach to Forest Laboratories "feels like déjà vu," says the Spoonful of Medicine blog. According to Bloomberg, Icahn told shareholders that the average tenure of a board member — 23 years — is too long, while noting that the company's stock has dropped more than 50 percent from its 2004 high. He has nominated four people for Forest Laboratories' board.

UPDATE: Forest Laboratories' shareholders elected the company's candidates for the board, reports Bloomberg. In a statement, Carl Icahn said that "activism, especially in bio-tech, usually takes longer than you believe it will."

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