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Amylin shareholder announces slate of five director nominees
By Lisa Kerner
Charlotte, N.C., Feb. 2 - Eastbourne Capital Management, LLC is nominating a minority slate of five individuals for election to Amylin Pharmaceuticals, Inc.'s 12-member board of directors at the company's 2009 annual meeting.
Amylin's potential has been "squandered" and significant change at the board level is needed to "maximize the commercial value of Amylin's assets," Eastbourne founder Richard J. Barry said in a news release.
The shareholder's nominees are:
• Kathleen Behrens, Ph.D., an advisor to Physic Ventures, LLC;
• Marina Bozilenko, a principal at Kidd & Co., LLC;
• Charles Fleischman, former president, chief financial officer, chief operating officer and director of Digene Corp.;
• William Nuerge, managing partner of Fortress Pharms Advisors, LLC; and
• Jay Sherwood, a managing director of Eastbourne.
Eastbourne, with a 12.5% stake in Amylin, does not believe its efforts are in competition with Icahn Capital LP's plan to also recommend a slate of five director nominees.
Icahn Capital, an 8.3% shareholder, previously announced it could not reach an agreement with Amylin regarding board representation.
"We are not surprised that another large shareholder appears to share our dissatisfaction with the current direction of the company and is seeking change at the board level," Barry said in a Feb. 1 letter to Amylin's board that was included in the release.
Eastbourne urged the board to assemble a slate of directors that includes Eastbourne and Icahn nominees. Should Amylin "fail to take advantage of this opportunity," Eastbourne said it will take its case directly to the San Diego biopharmaceutical company's shareholders.
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