Icahn: Suit Against Amylin Dropped After Talks With CEO

Date : 04/25/2012 @ 2:53PM
Source : Dow Jones News
Stock : Amylin Pharmaceuticals, Inc. (MM) (AMLN)
Quote : 30.98  0.0 (0.00%) @ 2:05AM

Icahn: Suit Against Amylin Dropped After Talks With CEO

Amylin Pharmaceuticals, Inc. (MM) (NASDAQ:AMLN)
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Activist Investor Carl Icahn said he has dropped a lawsuit against Amylin Pharmaceuticals Inc. (AMLN) that sought to extend the drug maker's board-nomination deadline after discussions with the company's chief executive, Daniel Bradbury.

Icahn, in a statement, said he continues to believe that Amylin, which makes diabetes drugs Byetta and Bydureon, should be sold.

Details of the discussion won't be publicly disclosed owing to a mutual agreement, according to Icahn's statement. A representative from Amylin wasn't immediately available for comment.

Icahn, one of Amylin's biggest shareholders, had demanded that Amylin's board extend the window for shareholders to nominate new directors and make proposals at the upcoming annual meeting. Amylin at the time had responded in a statement that the lawsuit was "without merit."

When Icahn filed the suit earlier this month, he had argued that Amylin is at a crossroads and its shareholders are entitled to nominate a new slate of directors committed to pursuing a sale of the company. He said he also had formally requested copies of Amylin's books and records so he could review details of the potential acquisition offer and the company's recent stock offering and issuance of options to executives.

Icahn's actions came after Amylin reportedly rejected a takeover offer from Bristol-Myers Squibb Co. (BMY), a decision Icahn sharply criticized.

Amylin shares were up 3.5% at $26.44 in recent trading. The stock has more than doubled this year.

-By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com

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