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Billionaire corporate raider Carl Icahn, who owns 8.94% of local biotech Amylin Pharmaceuticals, sued Amylin today (April 9) in Delaware to block the company from enforcing a bylaw that effectively thwarts a proxy fight that could result in a takeover. Among other things, Icahn charges that Amylin failed to reveal a takeover bid from Bristol-Myers-Squibb valuing the stock at $22 a share. When news of the bid became public recently, Amylin stock shot up. Today it closed at $23.72, down 1.66%.

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