Amylin Nominates 2 New Directors Amid Proxy Fight
SAN DIEGO (AP) ¿ Amylin Pharmaceuticals Inc. named two new director nominees Monday as activist investor Carl Icahn and institutional investor Eastbourne Capital Management try to place their own slates of new members on the board.
The biotechnology company nominated Paul N. Clark, former chairman and chief executive of Icos Corp., and Paulo F. Costa, former chairman and CEO of Novartis U.S. Both would be independent directors if elected at the upcoming annual meeting.
Directors Howard E. Greene Jr. and Ginger L. Graham will not stand for re-election this year.
Amylin shares fell 78 cents, or 6.5 percent, to $11.22 in afternoon trading. The stock has traded between $5.50 and $35 over the last 52 weeks."Both Mr. Clark and Mr. Costa possess valuable commercial and operational expertise in the biopharmaceutical industry, which will serve to augment the strengths of the board," Amylin said in a statement. The move comes as Icahn attempts to replace five of the 12 board members with his own choices. He owns about 9.43 percent of the company's stock. It is similar to the power play he made before taking control of ImClone Systems Inc. in 2006 and his current and prior attempts to take over Biogen Idec Inc.
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