Amylin (AMLN) Issues Response to Eastbourne Letter
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."
Create E-mail AlertRelated Categories
Corporate NewsStocks Mentioned
+0.12Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
