Biotech Values

[Biowatch]

"Icahn Plans to Fix What’s ‘Broken’ at Genzyme"

BOSTON (Reuters) - If elected to the board of Genzyme Corp, billionaire investor Carl Icahn will work to understand and help the company fix what is "broken," according to proxy documents filed on Tuesday with the U.S. Securities and Exchange Commission.

Icahn is seeking representation for himself and three other nominees on Genzyme's board. He said in the documents he believes his nominees' knowledge of science, medicine, finance and business will "significantly improve the science and business expertise of the board of directors of Genzyme."

...Genzyme is also seeking to make the case that since two of Icahn's nominees sit on the board of biotechnology company Biogen Idec Inc, they should not be allowed on Genzyme's board since Genzyme is developing a product that might one day compete with Biogen's multiple sclerosis drugs.

http://www.nytimes.com/reuters/2010/04/27/business/business-us-genzyme.html

"...[Genzyme] expects to be fined at least $175 million by U.S. regulators for manufacturing violations."
Pretty steep price.
http://dealbook.blogs.nytimes.com/2010/04/28/icahn-plans-to-fix-whats-broken-at-genzyme/

The problems at Genzyme are sad for patients, as GENZ were pioneers in going after "orphan drugs" that nobody else would touch due to the high cost per patient. Perhaps patient advocates should visit the manufacturing side of the company or their managers to remind the employees that they save lives.

They have drugs that work, but only if manufacturing works.

Before going to the moon, John Glenn visited various sites working on the Apollo rocket and lunar module to inspire them and remind them that his life was at stake.