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

Both Carl Icahn and 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), thus making Lilly the most likely candidate to buy Amylin.

To read more about this and other activist situations, visit Stockpickr.com.

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