Amylin Responds to Eastbourne Letter
May 20 2009 - 1:53PM
PR Newswire (US)
SAN DIEGO, May 20 /PRNewswire-FirstCall/ -- Amylin Pharmaceuticals,
Inc. (NASDAQ:AMLN) issued the following statement in response to a
May 18, 2009, letter which Eastbourne Capital Management, L.L.C.,
made public earlier today: "After significant efforts and
consultation with numerous shareholders, Amylin has been unable to
achieve a settlement with Eastbourne and Carl Icahn which is in the
best interests of ALL shareholders. Of course, we continue to
remain open to new ideas and perspectives. Following considerable
review and discussion of a wide range of possible Directors, the
Company selected a slate of nominees which it believes meets the
needs of Amylin and all its shareholders. We are highly confident
that the Amylin nominees possess the best combination of
biopharmaceutical, diabetes and sales and marketing experience to
achieve a highly successful commercialization of exenatide once
weekly and maximize shareholder value. In view of the divergent
perspectives expressed by our shareholders, and with the company's
annual meeting one week away, we believe ALL shareholders should
have the opportunity to decide who will represent them on Amylin's
Board of Directors at this important time. Amylin has executed on
its strategy and is now poised to capitalize on its market position
with the highly anticipated launch of exenatide once weekly in
2010. Exenatide once weekly will be the first once-a-week treatment
for type 2 diabetes. With no similar drug on the market, we believe
it has the potential to transform the treatment of diabetes through
its efficacy and convenient once-weekly administration. To ensure
that our shareholders benefit from this value opportunity, it is
imperative that Amylin has the best possible Board of Directors. We
urge all shareholders to vote FOR Amylin's Directors on the BLUE
proxy card today and disregard any proxy cards received from
Eastbourne or Mr. Icahn. Shareholders who need assistance in voting
may contact Amylin's proxy solicitor, Innisfree M&A
Incorporated, toll-free at 877-717-3926. Institutions, banks and
brokers may call collect at 212-750-5833." 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 / Averell Withers 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 Averell Withers, both of Joele Frank,
Wilkinson Brimmer Katcher, +1-212-355-4449 Web Site:
http://www.amylin.com/
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