ARTICLE | Company News

Amylin endocrine/metabolic news

April 16, 2012 7:00 AM UTC

Activist shareholder Carl Icahn filed two suits in the Delaware Court of Chancery against Amylin last week. The first seeks to reopen the window for shareholders to nominate directors and submit proposals for the company's May 15 annual meeting. Icahn filed suit after Amylin's board ignored his demand on April 4 to reopen the window. He said shareholders should have another opportunity to make nominations because the deadline to nominate directors had passed before rumors surfaced of the takeover bid from Bristol-Myers Squibb Co. (NYSE:BMY, New York, N.Y.) for $22 per share. Amylin would not disclose its plans (see BioCentury, April 9).

The second suit seeks a court order for copies of Amylin's records. Icahn said in the complaint he wants to examine the circumstances surrounding the biotech's rumored takeover bid from BMS as well as Amylin's March follow-on and decision to grant executive officers options to purchase up to 760,000 shares. Icahn initially sent a letter to Amylin on April 3 requesting the records under section 220 of the Delaware General Corporation Law, but the biotech rejected the demand. ...