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Amylin shareholder's slate garners support of proxy advisory firms
By Lisa Kerner
Charlotte, N.C., May 18 - Glass, Lewis & Co. and Proxy Governance, Inc. have recommended that Amylin Pharmaceuticals, Inc. shareholders vote in favor of change at the company's annual meeting on May 27, according to Eastbourne Capital Management, LLC.
Glass Lewis recommended Amylin shareholders vote for Eastbourne nominees Dr. Kathleen Behrens and Jay Sherwood, along with Carl Icahn nominee Dr. Alex Denner, an Eastbourne news release said.
Eastbourne, a 12.5% Amylin shareholder, said Proxy Governance recommended that shareholders vote for the election of Behrens, Sherwood and Denner as well as for Eastbourne nominee Charles Fleischman and Icahn nominee Dr. Thomas Deuel.
Another proxy advisory firm, RiskMetrics Group/ISS, previously recommended that Amylin shareholders vote for Behrens, Fleischman and Denner, according to Eastbourne.
"It is disappointing that rather than welcoming the benefits of change, the incumbents have chosen to continue a costly election contest and draw resources away from addressing the issues facing the company," Eastbourne founder and portfolio manager Richard J. Barry said in a news release.
"The significant change recommended by three proxy advisory firms will add needed skills and independence to the board and help the company to move beyond past failures and to refocus the company's commercial strategy and reassess Amylin's future prospects," Barry said.
Eastbourne is seeking authority to vote for the two Icahn nominees and said it will not vote any white proxy cards for the following incumbent directors nominated by the San Diego biopharmaceutical company's board: chairman and former chief executive officer Joseph C. Cook Jr., James N. Wilson, Steven R. Altman, James R. Gavin III and Joseph P. Sullivan.
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