Amylin (AMLN) Has Investors Fired-Up for Change

February 2, 2009 12:22 PM EST

Amylin Pharmaceuticals (Nasdaq: AMLN) shareholders are clearly not happy with the direction of the company and they want to change it. Last week, it was 8.3% Carl Icahn that disclosed his intentions to nominate a slate of 5 to the Board of Directors, this week it's 12.5% holder Eastbourne Capital, introducting their own, separate slate of 5 Directors.

In a letter to Amylin, Eastbourne Capital said that while it has not lost faith in the potential of Amylin’s pipeline and products, it has lost confidence in the ability of Amylin’s current Board and management team to execute an operational strategy that is in the best interest of shareholders.

Eastbourne acknowledged Icahn's slate, but said it does not believe that these separate efforts to bring change to Amylin are in competition with each other. Eastbourne wants Amylin's Corporate Governance Committee to consider all the director nominees proposed by both Eastbourne and Icahn.

Eastbourne said, "It is clear that we are not alone in our belief that significant change at the Board level is required to ensure that the proper steps are taken to maximize the commercial value of Amylin’s assets."

Last week, we discussed how Icahn will look to position Amylin for a sale, like he did with ImClone.  I'd venture to say Eastbourne is in-line with this thinking.

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