Icahn Plans to Remove Genzyme CEO from Board
Carl Icahn

Activist investor Carl Icahn is under plans to approach board of biotechnology company Genzyme Corp (GENZ. O) to consider taking CEO Henri Termeer off from his post as chairman of the board.

In a regulatory filing on Wednesday, Icahn, who is seeking representation for himself and three allies on Genzyme's board, posted that Termeer may be too near to the firm to effectively oversee the board and that his removal could nudge the board's independence.

"Thus, removal of Termeer from the board would send a message to FDA that he is no longer in total control," Icahn said in the filing with the U. S. Securities and Exchange Commission.

Icahn believe that the recent decision taken by the U. S. Food and Drug Administration to put Genzyme's manufacturing under the third party reflects that the agency either lacks trust in management or the management incompetent.

In addition, Icahn posts that if any real progress is to be witnessed related to stabilize its relationship with the FDA, the outmost requirement persist is the immediately change of the board.

Genzyme is scrambling to get out of the troubling waters gathered by accumulating manufacturing issues at its Allston Landing plant in Boston that have resulted in shortages of two of its life-saving drugs.

On Tuesday, the Company's drug Lumizyme developed to treat Pompe disease was granted an approval by the FDA.

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