2.48%XLF 16.78 5.73%QQQQ 33.41 4.16%
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NEW YORK - A group of funds controlled by billionaire investor Carl Icahn have acquired a 6.9 percent interest in Enzon Pharmaceuticals Inc. and urged the drug maker to consider selling the company, according to a regulatory filing on Friday.
| ENZN | 5.49 |  -0.43 |
In the Securities and Exchange Commission filing, Icahn said he asked Enzon's management to consider strategic transactions to improve shareholder value, including spinning off some assets or selling the entire company.
Icahn said he expects to continue discussions with the company.
The funds, including Icahn Partners LP, reported owning 3.1 million shares of the Bridgewater, N.J.-based company. The shareholders also have long economic exposure to about 3.6 million shares through derivative agreements.
A shareholder's ownership and economic exposure can differ when the investor makes contracts, such as share swaps or call options, that do not involve ownership of the stock but are valued based on the stock price.
In afternoon trading, Enzon shares were flat at $8.50. The stock has traded between $6.31 and $10.36 during the past 52 weeks.
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