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Carl Icahn Ups Biogen Idec Stake—Now Owns 3 Percent; Also Buys Shares in Genzyme
Biogen Idec Shares Push Upward on Down Day for Market: More Grist for the Takeover Mill
Biogen Idec Shares Enjoy Nice Pop; Forget Rumors of Being Acquired, Company Hasn’t Given Up on a Major Acquisition of Its Own
Bullish Biogen Idec CEO Forecasts 15 Percent Revenue Growth While Fending Off Talk of Icahn Plans
Biogen Idec Announces It Will Remain Independent—Says No “Definitive Offers” Received, Not Even From Icahn. Shares Plummet

Biogen Idec Sells $1B in Notes, Converting Bridge Loan to Permanent Debt

In order to convert a bridge loan taken out to help finance last year’s $3 billion stock buyback program to permanent debt, Cambridge, MA-based biotechnology company Biogen Idec has sold $1 billion of senior notes, according to a company spokesperson and an SEC filing made today. The sale consisted of two parts, one involving 10-year notes (maturing March 1, 2018) worth $550 million, and the other involving $450 million of five-year notes. Last May, Biogen announced it planned to repurchase $3 billion worth of stock through a modified “Dutch Auction” tender offer. The program was successfully completed early last summer.

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