Biogen Idec Reports Preliminary Results of Stockholder Vote

Tue. June 09, 2009; Posted: 08:56 AM

Jun 08, 2009 (Close-Up Media via COMTEX) -- BIIB | Quote | Chart | News | PowerRating -- Biogen Idec announced that, based on a preliminary count provided by its proxy solicitor, it appears the Company's stockholders elected Robert W. Pangia, William D. Young and Alexander J. Denner, Ph.D., to the Biogen Idec Board of Directors, the company noted in a release.

Based on that count, the company said that results on the election of the fourth director were too close to call. The Company will rely on the tabulation of votes by the Company's independent inspector of elections, IVS Associates, before announcing the remaining director to serve on the Board.

In addition, the preliminary count shows that stockholders supported the Biogen Idec Board's recommendations to institute majority voting in uncontested elections, ratify the Company's auditor, and reject a proposal to change the Company's jurisdiction of incorporation to North Dakota. It appears that stockholders also supported the Board's recommendation to reject a proposal to amend the Company's bylaws to set the size of the Board at 13.

Bruce R. Ross, Biogen Idec's Chairman, said, "We welcome our new director to the Board and look forward to working together to build on our strong track record of delivering value. While we await the outcome of the vote for the remaining director, we would like to express our gratitude for the support of our stockholders."

Biogen Idec is engaged in the discovery, development, manufacturing, and commercialization of therapies.

((Comments on this story may be sent to health@closeupmedia.com))

For full details on Biogen Idec Inc (BIIB) click here. Biogen Idec Inc (BIIB) has Short Term PowerRatings of 4. Details on Biogen Idec Inc (BIIB) Short Term PowerRatings is available at This Link.

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