Amylin shareholder Eastbourne lacks confidence in company's board

By Lisa Kerner

Charlotte, N.C., April 24 - Eastbourne Capital Management, LLC asked Amylin Pharmaceuticals, Inc. shareholders not to be distracted by the company's mischaracterization of the shareholder's reasons for wanting to change Amylin's board of directors.

"We believe that the massive loss of shareholder value Amylin shareholders have suffered stems from the company's failure to maximize the commercial value of Amylin's assets," Eastbourne founder and portfolio manager Rick Barry said in a statement released on Friday.

"It is our strong belief that the upcoming product launch of Exenatide Once-Weekly is Amylin's best chance for commercial success," Barry said.

Barry doesn't believe the current Amylin board "can provide the leadership to successfully deliver on the company's commercial capabilities at this critical juncture."

Icahn Capital LP and Eastbourne are each putting forth a slate of five nominees for election to Amylin's board at the company's 2009 annual meeting. The company said it intends to put forth a full slate of 12 directors.

Eastbourne and Carl Icahn independently decided to run proxy fights against the San Diego biopharmaceutical company's board.

Icahn is opposed to Amylin's poison pill and poison put, which he said prevent him from communicating with other large stockholders such as Eastbourne.

Eastbourne, a 12.5% shareholder, said previously if Amylin does not assemble a slate of directors that includes Eastbourne and Icahn nominees, Eastbourne will take its case directly to the company's shareholders.

Representatives of Amylin, the Icahn group and Eastbourne failed to settle the proxy contest following a conference call on Wednesday.

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