Icahn to nominate four Genzyme directors

CAMBRIDGE, Mass., Feb. 22 (UPI) -- U.S. biotech corporation Genzyme said Monday activist investor Carl Icahn intends to nominate four directors to its nine-member board.

Genzyme said it would "evaluate the nominees and make a recommendation that is in the best interests of all the company's shareholders," an indication it is attempting to negotiate with Icahn and potentially avoid losing its chief executive officer, Henri Termeer, in a proxy fight for control of the board.

"We are open and and responsive to shareholder input and we welcome a constructive dialogue with Mr. Icahn," Termeer said in a statement.

The company said it had already reached an agreement with one of its largest shareholders, Relational Investors, to defer any of its requests for board representation until November. In exchange, Relational co-founder Ralph Whitworth will be offered a board seat in November, the company said.

That agreement gives Genzyme time to resolve "manufacturing challenges," the company said.

That means a large voting block is unavailable to Icahn, who would need to solidify his position before the company's annual shareholder meeting in May, when all nine of the company's directors are up for re-election.