Amylin Comments on RiskMetrics Report
May 15 2009 - 7:53PM
PR Newswire (US)
Urges Stockholders to Vote FOR Amylin Director Nominees on the Blue
Proxy Card Today SAN DIEGO, May 15 /PRNewswire-FirstCall/ -- Amylin
Pharmaceuticals, Inc. (NASDAQ:AMLN) today issued the following
statement in response to a report issued by RiskMetrics Group
(formerly Institutional Shareholder Services) regarding Amylin's
Annual Meeting of Stockholders to be held on May 27, 2009: It is
important for shareholders to note that RiskMetrics split its
recommendation, supporting only three out of five nominees proposed
by Carl Icahn and Eastbourne Capital Management, L.L.C. We are
confident that our slate of nominees is the right Board to lead
Amylin. We are disappointed that RiskMetrics has recommended three
dissident nominees to our annually-elected Board. The Company urges
shareholders to vote FOR Amylin's highly-qualified Director
nominees who have extensive experience in biopharmaceuticals and
diabetes, as well as the valuable sales and marketing expertise
necessary to most effectively guide Amylin. We believe that our
nominees have better qualifications relevant to our business.
Importantly, Amylin's Board and management team have recognized and
embraced the need for change, with two new independent Director
nominees, Paul N. Clark, former Chairman, Chief Executive Officer
and President of Icos Corporation, and Paulo F. Costa, former
President and Chief Executive Officer of Novartis U.S. Corporation.
Both bring additional commercial and operational expertise in the
biopharmaceutical industry, which are key attributes requested by
our shareholders. Over the course of the past six months, Amylin
has also taken the necessary steps to effect change in its business
strategy and increase long-term shareholder value, including: --
Early submission of the New Drug Application (NDA) for exenatide
once weekly to U.S. Food and Drug Administration (FDA). -- New
specialty sales force approach to more effectively target the
diabetes market - this plan will reduce our sales force by 35% and
save $45 million annually beginning in 2010. -- Implementation of
ExenatideOne, a single, integrated team co-located in San Diego, to
optimize cost structure and drive efficiency with the Company's
partner Eli Lilly and Company. Amylin's Board is committed to
representing the interests of ALL Amylin shareholders. We urge
shareholders to act now to maximize the value of their investment
and not risk the Company's future and prospects. Amylin
shareholders should vote FOR Amylin's Director nominees on the BLUE
proxy card today. Your Vote Is Important, No Matter How Many Or How
Few Shares You Own If you have questions about how to vote your
shares, or need additional assistance, please contact the firm
assisting us in the solicitation of proxies: INNISFREE M&A
INCORPORATED Stockholders Call Toll-Free: (877) 717-3926 Banks and
Brokers Call Collect: (212) 750-5833 IMPORTANT We urge you NOT to
vote using any White or Gold proxy card sent to you by Icahn or
Eastbourne, as doing so will revoke your vote on the BLUE proxy
card. If you have already done so, you have every legal right to
change your vote by using the enclosed BLUE proxy card to vote
today--by telephone, by Internet, or by signing, dating and
returning the BLUE proxy card in the postage-paid envelope
provided. About Amylin Amylin Pharmaceuticals is a
biopharmaceutical company committed to improving lives through the
discovery, development and commercialization of innovative
medicines. Amylin has developed and gained approval for two
first-in-class medicines for diabetes, SYMLIN(R) (pramlintide
acetate) injection and BYETTA(R) (exenatide) injection. Amylin's
research and development activities leverage the Company's
expertise in metabolism to develop potential therapies to treat
diabetes and obesity. Amylin is headquartered in San Diego,
California. Further information on Amylin Pharmaceuticals is
available at http://www.amylin.com/. Forward Looking Statements
This press release contains forward-looking statements about
Amylin, which involve risks and uncertainties. Our actual results
could differ materially from those discussed herein due to a number
of risks and uncertainties, including risks that BYETTA, SYMLIN or
exenatide once weekly may be affected by competition, unexpected
new data, safety and technical issues, or manufacturing and supply
issues; risks that our financial results may fluctuate
significantly from period to period and may not meet market
expectations; risks that any financial guidance we provide may not
be accurate; risks that our clinical trials will not be completed
when planned, may not replicate previous results or achieve desired
end-points; risks that our preclinical studies may not be
predictive; risks that our NDAs for product candidates or sNDAs for
label expansion requests, such as the exenatide once weekly NDA
mentioned in this letter, may not be submitted timely or receive
FDA approval; risks that our expense reductions will not be as
large as we expect; risks that the restructured operations for
exenatide will not produce the results we expect; and other risks
inherent in the drug development and commercialization process.
Commercial and government reimbursement and pricing decisions and
the pace of market acceptance may also affect the potential for
BYETTA, SYMLIN or exenatide once weekly. These and additional risks
and uncertainties are described more fully in the Company's most
recently filed Form 10-K and Form 10-Q. Amylin disclaims any
obligation to update these forward-looking statements. Additional
Information and Where To Find It This press release may be deemed
to be solicitation material in respect of the matters to be
considered at the 2009 Annual Meeting of Stockholders. Amylin has
filed the definitive proxy statement with the Securities and
Exchange Commission ("SEC") on April 20, 2009. INVESTORS AND
SECURITYHOLDERS ARE URGED TO READ THE PROXY STATEMENT, THE BLUE
PROXY CARD AND ANY OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE
FILED WITH THE SEC BECAUSE THEY CONTAIN IMPORTANT INFORMATION.
Investors and securityholders may obtain the proxy statement and
other relevant documents free of charge at the SEC's Web site,
http://www.sec.gov/ or from Amylin Investor Relations at 9360 Towne
Centre Drive, San Diego, California 92121. Participants in
Solicitation Amylin and its directors and executive officers and
other members of management and employees may be deemed to be
participants in the solicitation of proxies in respect of the
matters to be considered at the 2009 Annual Meeting of
Stockholders. Information regarding the interests of Amylin's
directors and executive officers in the proxy contest is included
in Amylin's definitive proxy statement. CONTACTS: Alice Izzo
Executive Director, Corporate Affairs Amylin Pharmaceuticals, Inc.
(858) 642-7272 or Steve Frankel / Annabelle Rinehart Joele Frank,
Wilkinson Brimmer Katcher (212) 355-4449 DATASOURCE: Amylin
Pharmaceuticals, Inc. CONTACT: Alice Izzo, Executive Director,
Corporate Affairs, Amylin Pharmaceuticals, Inc., +1-858-642-7272, ;
or Steve Frankel or Annabelle Rinehart, Joele Frank, Wilkinson
Brimmer Katcher, +1-212-355-4449 Web Site: http://www.amylin.com/
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