Icahn Nominates Four to Forest Laboratories Board

Date : 06/19/2012 @ 3:10PM
Source : Dow Jones News
Stock : Forest Laboratories Inc. (FRX)
Quote : 99.0  0.0 (0.00%) @ 2:05AM

Icahn Nominates Four to Forest Laboratories Board

Activist investor Carl Icahn has nominated four candidates to Forest Laboratories Inc.'s (FRX) board and is seeking records of the pharmaceutical company board's actions, nearly a year after an effort to gain board seats failed.

According to a filing with the Securities and Exchange Commission Tuesday, Icahn said his nominees--Eric Ende, Andrew Fromkin, Pierre Legault and Daniel Ninivaggi--have "impressive qualifications" and said their experience would be beneficial to the company and its shareholders. Mr. Ende was one of the Icahn-backed candidates rejected last year. The former biotechnology analyst at Merrill Lynch & Co. had served on Genzyme Corp.'s board as an Icahn representative.

Last month, Icahn unveiled plans to nominate less than a majority slate of candidates, including Mr. Ende as a nominee, to Forest Laboratories' 10-member board.

In August, the pharmaceutical company's shareholders rejected Icahn's effort to land four of his director nominees on the board and elected Forest's entire slate instead.

Icahn, who is well known for his efforts to push for change in boardrooms, is Forest Laboratories' second-largest shareholder, according to FactSet Research data. He has a 9.92% stake, or about 26.4 million shares.

Last week, Forest Laboratories reduced its fiscal-year earnings guidance because of lower-than-expected branded Lexapro sales and more aggressive pricing for the authorized generic version of the antidepressant following the March loss of the drug's patent exclusivity.

Forest Laboratories' shares rose by 10 cents to $34.81 in recent trading. The stock is up 15% so far this year.

Write to Nathalie Tadena at nathalie.tadena@dowjones.com

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