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Legendary Icahn Still Slugging Away With Enzon Pharmaceuticals, Inc. (ENZN)


1/8/2013 8:32:44 AM

Carl C. Icahn has been the principal beneficial shareholder of Icahn Enterprises L.P. (NYSE: IEP) and has served as Chairman of the board, a director, and an owner of the company's general partner since 1990. Mr. Icahn heads the investment management segment, serving as Chief Executive Officer of Icahn Capital LP and its subsidiaries. Icahn's history involves aggressively purchasing a significant position in a corporation and calling for the election of an entirely new board of directors or the divestiture of assets in order to deliver more value to shareholders. The compensation of CEOs is a subject on which Icahn focuses publicly, as he believes that many are grossly overpaid and that their pay has little correlation to stock performance. He is a real world Gordon Gecko from the movie, "Wall Street." This is evident in one of Icahn's famous quotes, "CEOs are paid for doing a terrible job. If the system wasn't so messed up, guys like me wouldn't make this kind of money." Many times investors follow the lead of Icahn, buying into the businesses he sets his focus upon. The increase in stock price caused by the anticipation that Icahn would uncover shareholder value has become known as the "Icahn lift." One company I like going forward is currently being influenced by Mr. Icahn and his 13% ownership stake. It is Enzon Pharmaceuticals (NASDAQ: ENZN). Enzon Pharma is a biotechnology company dedicated to the research and development of innovative therapeutics for cancer patients with high unmet medical needs. Enzon's drug-development programs utilize two platforms, Customized PEGylation Linker Technology and third-generation messenger RNA (mRNA) targeting agents utilizing the Locked Nucleic Acid technology. Enzon currently has four compounds in human clinical development and multiple novel mRNA antagonists in preclinical research. Enzon receives royalty revenues from licensing arrangements with other companies related to sales of products developed using its proprietary Customized Linker Technology.

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