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Amylin Pharma (AMLN) Higher After Icahn Boosts Stake
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Shares of Amylin Pharmaceuticals Inc. (Nasdaq: AMLN) are 5% higher today following a disclosure after the close Friday that Carl Icahn raised his stake in the company to 7.33%, or 10,059,919 shares. This is up from the 6,787,649 share stake he had held at the quarter ended June 30, 2008.
Icahn's new accumulation of Amylin stock comes as the stock has seen an aggressive sell-off after FDA warning that pancreatitis has been contracted by some BYETTA patients. A few of those patients later died. Investors fear Amylin may need to place a black box pancreatitis warning on Byetta. The stock which was trading in the mid-$30 range before the pancreatitis disclosures is currently at $21.
In his original 13D filing on Amylin in May, Icahn disclosed they he recently had discussions with the company's management and intended to seek to have further conversations with management and members of the board of directors to discuss ideas that may have to maximize product sales and development and to enhance shareholder value.
It has been long rumored that Amylin's BYETTA partner Eli Lilly (NYSE: LLY) would acquire the company. That talk has died down due to the BYETTA pancreatitis disclosure, but clear Icahn sees value in Amylin still.
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