Amylin dissidents get support of RiskMetrics for three nominees

New York, May 15 - RiskMetrics Group backed two of the nominees put forward by Eastbourne Capital Management, LLC for election to the board of Amylin Pharmaceuticals, Inc. and one proposed by Carl Icahn.

The proxy advisory firm supported election of Eastbourne's Kathleen Behrens and Charles Fleischman and Icahn's Alex Denner to Amylin's 12-member board.

"We are very pleased that RiskMetrics has recognized that Amylin shareholders should support significant change at the board level," said Rick Barry, Eastbourne founder and portfolio manager, in a news release.

"In recommending that shareholders elect three dissident nominees, RiskMetrics believes that the presence of these nominees will 'likely prove beneficial to long-term shareholder value' at Amylin.'

"The opportunity to maximize the benefits of the upcoming Exenatide Once-Weekly product launch is upon us, and we believe firmly that substantial change at the board level is necessary to provide more effective management oversight, objectively re-assess Amylin's current strategy and increase commitment to creating value for all shareholders."

Eastbourne, which owns 12.5% of Amylin's stock, also urged shareholders to back its third nominee, Jay Sherwood.

Eastbourne also said it is looking to back both of Icahn's nominees.

In response, Amylin noted that RiskMetrics only supported three of the five nominees proposed by Icahn and Eastbourne.

The company added in a statement: "We are confident that our slate of nominees is the right board to lead Amylin.

"We are disappointed that RiskMetrics has recommended three dissident nominees to our annually elected board."

The company also pointed out that its board and management team "have recognized and embraced the need for change," with two new independent director nominees, Paul N. Clark, former chairman, chief executive officer and president of Icos Corp., and Paulo F. Costa, former president and chief executive officer of Novartis U.S. Corp.

The annual meeting is scheduled for May 27. Amylin is a San Diego biopharmaceutical company.

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