In a filing with the stock market, Icahn Capital Management, the hedge fund run by the wealthy investor, has bought 1,518,463 shares in US biotech Genzyme at a cost of over $94m (€64m). Although this is less than 1 per cent of the company, the news has turned both the pharma and biotech industries' heads because Icahn is well known to buy shares in company's he feels are worth more and then try and force management into major changes or to sell up completely. However, what he has planned for Genzyme is, at this stage, unclear For example, three months after Icahn announced he held a 1 per cent stake in MedImmune, it was sold to AstraZeneca amid stories that Icahn had pressurised it into a takeover. It was a similar story with Biogen Idec. First, Icahn announced he held a 1 per cent share in the firm and then in August, he received the legal go-ahead to increase that stake. By October, the company was flouting itself to potential buyers, although no takeover deal has been forthcoming so far. In the same report, Icahn Capital Management revealed it had increased its stake in Biogen from 2,740,000 shares to 8,825,816, around 3 per cent of the company. Having closed at $70.76, Genzyme's shares rose 2.5 per cent after-hours trading to $72.54, doubtlessly on the news of Icahn's interest. Just a few weeks ago, Bear Stearns analyst Mark Schoenebaum said that he thought only Genzyme and Amgen were likely takeover targets (not including Biogen) and it appears Icahn may well agree.