Times are tough, but activist investors are still finding some diamonds among the rough.


Carl Icahn


Eastbourne Capital

have made five nominations to the board of directors of

Amylin Pharmaceuticals

( AMLN) in attempts to possibly sell the company to a larger biotechnology firm.

As of their latest filings, Carl Icahn owns approximately 8.3% of Amylin, and Eastbourne Capital owns approximately 12.5%.

San Diego-based Amylin Pharmaceuticals is the maker of the diabetes drug Byetta, with a joint 50-50 partnership with

Eli Lilly

(LLY) - Get Report

, thus making Lilly the most likely candidate to buy Amylin.

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