<SEC-DOCUMENT>0001214659-21-006029.txt : 20210528
<SEC-HEADER>0001214659-21-006029.hdr.sgml : 20210528
<ACCEPTANCE-DATETIME>20210528114458
ACCESSION NUMBER:		0001214659-21-006029
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210528
DATE AS OF CHANGE:		20210528
EFFECTIVENESS DATE:		20210528

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BIOGEN INC.
		CENTRAL INDEX KEY:			0000875045
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				330112644
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-19311
		FILM NUMBER:		21977848

	BUSINESS ADDRESS:	
		STREET 1:		225 BINNEY STREET
		CITY:			CAMBRIDGE
		STATE:			MA
		ZIP:			02142
		BUSINESS PHONE:		7814642000

	MAIL ADDRESS:	
		STREET 1:		225 BINNEY STREET
		CITY:			CAMBRIDGE
		STATE:			MA
		ZIP:			02142

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BIOGEN IDEC INC.
		DATE OF NAME CHANGE:	20070427

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BIOGEN IDEC INC
		DATE OF NAME CHANGE:	20031112

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	IDEC PHARMACEUTICALS CORP / DE
		DATE OF NAME CHANGE:	19970530

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			McRitchie James
		CENTRAL INDEX KEY:			0001736547

	FILING VALUES:
		FORM TYPE:		PX14A6G

	MAIL ADDRESS:	
		STREET 1:		9295 YORKSHIP CT
		CITY:			ELK GROVE
		STATE:			CA
		ZIP:			95758
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<P STYLE="margin: 0">&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notice of Exempt Solicitation&nbsp;<BR>
<FONT STYLE="color: #222222; background-color: white">Biogen Inc. (BIIB)</FONT><BR>
Shareholder Alert<BR>
Voluntary submission by James McRitchie</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">9295 Yorkship Ct., Elk Grove, CA 95758</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shareholder since 2010</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please vote for Proposal No. 5 by June 1, 2021<BR>
Stockholder Proposal:&nbsp;<B>Disclose Lobbying Expenditures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Your support is requested FOR Item 5 at the Biogen shareholder meeting
on June 2, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The proposal asks Biogen to prepare an annual report on its lobbying.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="padding-right: 2pt; padding-left: 2pt; border: Black 1pt solid">



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stockholders of Biogen request preparation of an annual report disclosing:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.4pt">1.</TD><TD>Company policy and procedures governing lobbying, both direct and indirect, and grassroots lobbying communications.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 12pt">2.</TD><TD>Payments by Biogen used for (a) direct or indirect lobbying or (b) grassroots lobbying communications, in each case including the
amount of the payment and the recipient.&nbsp;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 12pt">3.</TD><TD>Biogen&rsquo;s membership in and payments to any tax-exempt organization that writes and endorses model legislation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 12pt">4.</TD><TD>Description of management&rsquo;s decision-making process and the Board&rsquo;s oversight for making payments described in section
2 above.</TD></TR></TABLE>



</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The proposal is part of an ongoing investor campaign for greater corporate
political spending disclosure. Transparency and accountability in corporate spending to influence public policy are in the best interests
of Biogen shareholders. Without a clear system ensuring alignment and accountability, corporate assets can be used to promote public policy
objectives which (a) may not be clearly reflective of investor interests, (b) may be at odds with other corporate values, and/or (c) may
jeopardize Biogen&rsquo;s reputation to the detriment of shareholder value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The concern for investors is Biogen has a large lobbying footprint,
yet a complete picture of its spending to influence public policy, including payments third-party groups and unreported grassroots lobbying,
in unavailable for shareholders, as request by this proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Looking more broadly, the attack on the U.S. Capitol and the &ldquo;Big
Lie&rdquo; challenging the validity of the election results, has revealed an entirely new level of reputational risk for corporate lobbying
(and political) expenditures, particularly to third-party groups.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe Biogen needs to commit to corporate political responsibility
by increasing its lobbying disclosure, including all third-party spending to influence public policy:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Reputation is an important component of shareholder value;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Biogen&rsquo;s current disclosures are inadequate;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Dark money spending through trade associations and social welfare groups presents unknown risks;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Biogen could easily provide details of its lobbying to investors; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Investors are asking for lobbying transparency to better understand risks</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>I.</B></FONT></TD><TD><B>Corporate Reputation Warrants Protection as an Important Component of Shareholder Value </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Biogen&rsquo;s failure to provide robust and complete disclosure of
its lobbying activities and expenditures exposes it to potential reputational damage and therefore potential negative impacts on shareholder
value. Heightened scrutiny of corporate spending on lobbying and other political expenditures potentially exposes companies to increased
reputational risk, particularly if sufficient oversight and controls are lacking.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">According to a Conference Board study, companies with a high reputation
rank perform better financially than lower ranked companies. Executives also find it is much harder to recover from a reputational failure
than to build and maintain reputation.<SUP>1</SUP> The 2018 Reputation Dividend Report estimates that &ldquo;corporate reputation is now
directly responsible for an average of 38% of market capitalization across the FTSE 100 &amp; 250.&rdquo;<SUP>2</SUP> Furthermore, the
Ipsos Global Reputation Centre research across 31 countries shows conclusive proof of the relationship between a good reputation and better
business efficiency.<SUP>3</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A 2014 Deloitte survey found 87 percent of executives rated reputation
risk as more important or much more important than other strategic risks their companies are facing, and 88 percent said their companies
are explicitly focusing on managing reputation risk.<SUP>4</SUP> Clearly, corporate reputation has significant impact on shareholder value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Biogen Needs to Commit to Lobbying and Dark Money Transparency in
the Wake of the Capitol Insurrection</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The attack on the U.S. Capitol and the &ldquo;Big Lie&rdquo; challenging
the validity of the election results, has revealed an entirely new level of reputational risk for corporate lobbying (and political)
expenditures, particularly to third-party groups. Here transparency and accountability of corporate lobbying activities and expenditures
are especially important.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">After January 6, Biogen stopped all of making PAC contributions to
all politicians indefinitely.<SUP>5</SUP> But the question remains whether the short-term changes that companies like Biogen made in response
will be simply emergency measures to repair reputational damage or lead to something more lasting.<SUP>6</SUP> As a result, investors
are asking companies to commit to corporate political responsibility by disclosing their lobbying , including all dark money payments
to third-party groups that use that money to influence policy.<SUP>7</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>II.</B></FONT></TD><TD><B>Biogen&rsquo;s Current Disclosures are Inadequate</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Biogen has a broad lobbying footprint and the Company&rsquo;s spending
information is difficult to obtain, limited, and is not consolidated. Yet, our Company does not provide investors a central and comprehensive
source where they can learn relevant corporate spending on direct or indirect lobbying activities/relationships, priorities, and how those
efforts are supportive of or align with the company&rsquo;s strategy and investor interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> &ldquo;Reputation Risk,&rdquo; <U>The Conference Board</U>,
2007, p. 6, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1077894.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://www.provokemedia.com/research/article/link-between-corporate-reputation-market-value-strengthens-study</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://www.ipsos.com/sites/default/files/ct/publication/documents/2018-05/unlocking_value_of_reputation-may_2018.pdf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> &ldquo;2014 Global Survey on Reputation Risk,&rdquo; Deloitte,
p. 4, https://www2.deloitte.com/content/dam/Deloitte/pl/Documents/Reports/pl_Reputation_Risk_survey_EN.pdf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://qz.com/1957757/sp-500-companies-that-changed-their-political-donation-policies/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://www.newyorker.com/business/currency/corporate-america-reckons-with-its-role-enabling-trump.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://www.iccr.org/wake-jan-6-investors-call-companies-re-evaluate-whether-corporate-political-spending-companys-or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>III.</B></FONT></TD><TD><B>Indirect Lobbying and Undisclosed Grassroots Lobbying through Trade Associations and Social Welfare Groups Presents Potential Risks
and Lack Accountability </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While corporate donations to politicians and traditional PACs have
strict limits, corporate payments to trade associations and 501(c)(4) social welfare nonprofits have no restrictions. This means that
companies can give unlimited amounts to third party groups that spend millions on lobbying and often undisclosed grassroots activity.
This is frequently referred to as dark money spending. The dark money scandal at FirstEnergy illustrates why investors need disclosure
of social welfare group. FirstEnergy is under investigation for allegedly funneling $60 million through a dark money 501(c)(4) group called
Generation Now that was used for bribery in Ohio.<SUP>8</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Undisclosed Grassroots Lobbying and Astroturf Campaigns Present
Risk. </B>It is also unclear whether our company is disclosing all third-party grassroots lobbying payments. Payments to third-party groups
can be used for undisclosed grassroots lobbying. Grassroots lobbying does not get reported at the federal level under the Lobbying Disclosure
Act, and disclosure is uneven or absent in states. The problem for investors is that paid grass-roots organizing is hidden from public
view because the work is not covered by the Lobbying Disclosure Act, even though it is part of an effort to influence legislation and
public policy.<SUP>9</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #111111"><B>These undisclosed amounts may be more
than double what is being reported. </B></FONT>According to a 2019 study, trade associations and social welfare groups spent $535 million
on lobbying in 2017 and as much as another $675 million on unregulated efforts to influence public policy.<SUP>10</SUP> The $675 million
that did not qualify as federal lobbying includes many staples of modern influence campaigns, such as strategic consulting, broadcast
advertising, media relations, social media posts, and polling &mdash; or even the financing of astroturf campaigns. This highlights a
large unknown risk for investors. How much is our company spending on undisclosed grassroots lobbying efforts?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We understand that trade associations and other non-profit organizations
can serve a useful business purpose. However, Biogen&rsquo;s lack of public disclosure risks damage to its already precarious reputation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Companies, including Biogen, have also come under scrutiny for their
payments made to 501(c)(3) patient advocacy groups which engage in lobbying.<SUP>11</SUP> These murky relationships can pose reputational
risks<SUP>12</SUP> and blur the line between lobbying and patient advocacy.<SUP>13</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As shareholders, we would like to know how Biogen&rsquo;s board is
evaluating these trade association and social welfare group memberships and payments used for lobbying, as well as the potential reputational
risks posed by such associations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://www.energyandpolicy.org/firstenergy-service-company/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://www.rollcall.com/2013/03/21/grass-roots-lobbying-tactics-evade-public-eye/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://theintercept.com/2019/08/06/business-group-spending-on-lobbying-in-washington-is-at-least-double-whats-publicly-reported/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> Emily Kopp, Elizabeth Lucas, and Sydney Lupkin, &ldquo;Patient
Advocacy Groups Take In Millions From Drugmakers. Is There A Payback?&rdquo; <I>Kaiser Health News,</I> April 6, 2018, https://khn.org/news/patient-advocacy-groups-take-in-millions-from-drugmakers-is-there-a-payback/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> Martin Levine, &ldquo;A Culture of Conflicts in Funding
of Patient Advocacy Nonprofits,&rdquo; <I>Nonprofit Quarterly, </I>December 8, 2016, https://nonprofitquarterly.org/2016/12/08/culture-conflicts-funding-patient-advocacy-nonprofits/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> Sydney Lupkin, Elizabeth Lucas, Victoria Knight, &ldquo;Big
Pharma Gave Money to Patient Advocacy Groups Opposing Medicare Changes,&rdquo; <I>Kaiser Health News</I>, https://khn.org/news/big-pharma-gave-money-to-patient-advocacy-groups-opposing-medicare-changes/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IV.</B></FONT></TD><TD><B>Biogen Could Easily Provide Shareholders the Requested Lobbying Disclosures </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&rsquo;s response to the proposal states that &ldquo;<FONT STYLE="background-color: white">In
the U.S., we comply with important federal and state lobbying registration and disclosure laws.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">However, as we have demonstrated, Biogen is failing to provide investors
what the proposal is asking for. Biogen&rsquo;s existing practices fail to provide a unified disclosure report to shareholders capturing
its federal and state lobbying payments, including all indirect lobbying through its trade associations and social welfare groups.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Biogen has this information readily available and could easily provide
it to shareholders in a single report at minimal expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>V.</B></FONT></TD><TD><B>Investors Are Asking for Lobbying Transparency to Better Understand Risks</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The International Corporate Governance Network (ICGN) representing&nbsp;more
than $18 trillion in assets, supports lobbying disclosure and political disclosure as best practice, and supports disclosure of any amounts
over $10,000.<SUP>14</SUP> In 2018, the Principles for Responsible Investment (PRI) launched a guide on corporate climate lobbying to
help investors engage with companies on their direct and indirect lobbying practices related to climate policy. Specifically, companies
should be consistent in their policy engagement in all geographic regions and should ensure any engagement conducted by member trade associations
on their behalf or with their support is aligned with a company positions.<SUP>15</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Lobbying Transparency: What Gets Disclosed Gets Managed. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Clear policies and board oversight &ndash; coupled with disclosures
to shareholders, would help mitigate risks and provide greater transparency and accountability allowing investors to assess potential
risks and whether sufficient safeguards are in place to protect our Company&rsquo;s interests as well as the interest of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The well-documented reputational risks of Biogen&rsquo;s lobbying and
its inadequate lobbying disclosure policies highlight the critical need for the Company to improve its lobbying disclosures and increase
transparency around its lobbying policies, procedures and spending details.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based on the above Rationale, Biogen&rsquo;s current lobbying disclosures
are inadequate to protect shareholder interests. <B>Vote FOR Proposal 5, the shareholder proposal requesting a report on the Company&rsquo;s
lobbying expenditures.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>This is not a solicitation of authority to vote your proxy. Please
DO NOT send us your proxy card; James McRitchie is not able to vote your proxies, nor does this communication contemplate such an event.
James McRitchie urges shareholders to vote for Proposal 54 following the instructions provided on management&rsquo;s proxy.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://www.icgn.org/sites/default/files/ICGN%20Political%20Lobbying%20%26%20Donations%202017.pdf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://www.unpri.org/Uploads/g/v/q/PRI_Converging_on_climate_lobbying.pdf.</P>

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