DOW JONES NEWSWIRES
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