Amylin Shares Rise as Icahn Boosts Stake

NEW YORK -- Shares of Amylin Pharmaceuticals(AMLN Quote) outpaced the broader market Thursday as billionaire investor Carl Icahn builds on his ownership position in the company as he attempts to replace board members.

The San Diego-based company's stock rose 79 cents, or 6.4%, to close at $13.16, outpacing gains made in the broader market. Amylin shares have traded between $5.50 and $35 over the past 52 weeks.

Carl Icahn boosted his ownership of the company to 9.43% of outstanding stock from about 8.3% previously, according to a Securities and Exchange Commission filing. In January, Icahn filed documents with the SEC, stating he intended to nominate five people to Amylin's board. It is similar to the powerplay he made prior to taking control of ImClone Systems in 2006 and his attempt to take over Biogen Idec(BIIB Quote).

Shortly after his filing, Eastbourne Capital Management, which owns a 12.5% stake in Amylin, said it would nominate a slate of five directors. Amylin's board currently has 12 directors. ...