Kimberly Blough 6:28 p.m., March 9
Three-Way Battle for Control of Biotech Amylin Looks Possible
Two investment groups have announced their intention to nominate five-member slates to the 12-person board of biotech Amylin Pharmaceuticals. Hedge fund Eastbourne Capital Management, which owns 12.5 percent of Amylin's stock, said this morning (Feb. 2) that it intends to nominate its five-person slate. It joins billionaire investor --- sometimes called corporate raider -- Carl Icahn, who already controls 8.3 percent of the stock. Amylin itself will put up a third group. It's possible that Eastbourne and Icahn will join hands in the scrum. The stock is trading for $11.65 this morning, up 0.74 percent. Its 52-week high is $35 and low $5.50. Amylin makes diabetes drug Byetta in a 50-50 partnership with blue chip pharma Eli Lilly. But sales of Byetta have slowed because of links with a handful of deaths from pancreatitis.