(Includes Amylin reaction, updates stock price.)
DOW JONES NEWSWIRES
Carl Icahn accused Amylin Pharmaceuticals Inc. (AMLN) of
misleading shareholders about the billionaire investor's track
record, as his proxy battle with the drug maker intensified.
He called the company's latest letter to shareholders "an
example of the board's habit of misstating the facts" and an
"obvious attempt" to hide its "failures."
Amylin's response later Thursday was that "Icahn's own
performance elsewhere is well documented."
The board's letter Monday was triggered by Icahn's call for the
company to be sold to Eli Lilly & Co. (LLY), a proposal the
company said it won't consider for now.
Icahn said Amylin tried to minimize "the success my nominees and
I achieved for all shareholders at ImClone." Icahn took control of
ImClone Systems Inc. in 2006, then sold it to Eli Lilly about two
years later for $4.5 billion.
Amylin lead independent director James Wilson and Chairman
Joseph Cook said they believe a sale wouldn't match the value of
the company's efforts to developing the once-weekly injectable
diabetes drug exenatide with Eli Lilly. The drug is the long-acting
version of Byetta, which is injected twice-daily.
Icahn has demanded Cook step down from the company's board,
saying he led the company during a time "an enormous amount of
stockholder value has been destroyed." Shareholders will vote on
directors at the upcoming annual meeting.
Amylin shares were recently down 2.1% at $10.39. The stock is
down 65% the past year.
-By Mike Barris, Dow Jones Newswires; 201-938-5658;
mike.barris@dowjones.com
