Eastbourne asks Amylin shareholders to elect its three nominees

By Lisa Kerner

Charlotte, N.C., May 12 - Eastbourne Capital Management, LLC continued to seek support from Amylin Pharmaceuticals, Inc. shareholders for the election of its three nominees to the company's 12-member board on May 27.

As previously reported, Carl Icahn and Eastbourne independently decided to run proxy fights against the San Diego biopharmaceutical company.

Eastbourne is seeking the election of:

• Dr. Kathleen Behrens, a consultant for RS Investments;

• Charles Fleischman, former president, chief operating officer and director of Digene Corp.; and

• Jay Sherwood, a managing director of Eastbourne.

Eastbourne, a 12.5% shareholder, is also seeking approval to vote for the two nominees proposed by Icahn and his affiliates, according to its letter to fellow Amylin shareholders on Tuesday.

"The current board of Amylin has failed on a number of fronts, but particularly in its oversight of management and in the creation of long-term shareholder value," Eastbourne founder and portfolio manager Richard J. Barry said in a news release.

According to Barry, Amylin's product Byetta (exenatide) "has the potential to be a blockbuster." He blamed the "disappointing commercialization" of Byetta in large part to "Amylin's poor planning and inconsistent strategies."

Shareholders should not risk a failure to successfully commercialize Amylin's diabetes product exenatide once-weekly, according to Barry.

Amylin said it has been "carefully executing a comprehensive plan to ensure" that its exenatide once-weekly treatment for diabetes "subsequently delivers substantial value to Amylin's shareholders."

In its own letter to shareholders, Amylin accused Icahn and Eastbourne of launching "a number of ill-informed attacks and comparisons" that include attacking Amylin's relationship with Eli Lilly & Co. and criticizing Amylin's sales force strategy.

Howard E. Greene Jr., Amylin co-founder and former board member, announced on Monday he will vote his shares in favor of Eastbourne's slate, including Icahn's nominees.

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