Icahn Wants to Narrow Forest Laboratories, Inc.'s Research Focus

Carl Icahn, the billionaire investor seeking board representation at Forest Laboratories Inc. (FRX), will focus the drugmaker on medicines prescribed by primary-care physicians and look to reduce spending if his bid is successful, said Alex Denner, one of Icahn’s director nominees. Icahn’s group is seeking four seats on New York-based Forest’s 10-member board, saying the current directors have been in place too long and lack independence. Icahn also contends that new drugs spread across therapeutic areas may not generate enough revenue to make up for the loss of patent protection on two of Forest’s top-selling drugs, the antidepressant Lexapro and Alzheimer’s medicine Namenda.