Urges Stockholders to Vote FOR Amylin Director Nominees on the Blue Proxy Card
Today
RiskMetrics Splits Recommendation in Proxy Contest
SAN DIEGO, May 15 /PRNewswire-FirstCall/ -- Amylin Pharmaceuticals, Inc.
(Nasdaq: AMLN) today issued the following statement in response to a report
issued by RiskMetrics Group (formerly Institutional Shareholder Services)
regarding Amylin's Annual Meeting of Stockholders to be held on May 27, 2009:
It is important for shareholders to note that RiskMetrics split its
recommendation, supporting only three out of five nominees proposed by Carl
Icahn and Eastbourne Capital Management, L.L.C. 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 urges shareholders to vote FOR Amylin's highly-qualified
Director nominees who have extensive experience in biopharmaceuticals and
diabetes, as well as the valuable sales and marketing expertise necessary to
most effectively guide Amylin. We believe that our nominees have better
qualifications relevant to our business.
Importantly, Amylin's 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
Corporation, and Paulo F. Costa, former President and Chief Executive Officer
of Novartis U.S. Corporation. Both bring additional commercial and
operational expertise in the biopharmaceutical industry, which are key
attributes requested by our shareholders.
Over the course of the past six months, Amylin has also taken the necessary
steps to effect change in its business strategy and increase long-term
shareholder value, including:
-- Early submission of the New Drug Application (NDA) for exenatide once
weekly to U.S. Food and Drug Administration (FDA).
-- New specialty sales force approach to more effectively target the
diabetes market - this plan will reduce our sales force by 35% and
save
$45 million annually beginning in 2010.
-- Implementation of ExenatideOne, a single, integrated team co-located
in
San Diego, to optimize cost structure and drive efficiency with the
Company's partner Eli Lilly and Company.
Amylin's Board is committed to representing the interests of ALL Amylin
shareholders. We urge shareholders to act now to maximize the value of their
investment and not risk the Company's future and prospects. Amylin
shareholders should vote FOR Amylin's Director nominees on the BLUE proxy card
today.
Your Vote Is Important, No Matter How Many Or How Few Shares You Own
If you have questions about how to vote your shares, or need additional
assistance, please contact the firm assisting us in the solicitation of
proxies:
INNISFREE M&A INCORPORATED
Stockholders Call Toll-Free: (877) 717-3926
Banks and Brokers Call Collect: (212) 750-5833
IMPORTANT
We urge you NOT to vote using any White or Gold proxy card sent to you by
Icahn or Eastbourne, as doing so will revoke your vote on the BLUE proxy card.
If you have already done so, you have every legal right to change your vote by
using the enclosed BLUE proxy card to vote today--by telephone, by Internet,
or by signing, dating and returning the BLUE proxy card
in the postage-paid envelope provided.
About Amylin
Amylin Pharmaceuticals is a biopharmaceutical company committed to improving
lives through the discovery, development and commercialization of innovative
medicines. Amylin has developed and gained approval for two first-in-class
medicines for diabetes, SYMLIN(R) (pramlintide acetate) injection and
BYETTA(R) (exenatide) injection. Amylin's research and development activities
leverage the Company's expertise in metabolism to develop potential therapies
to treat diabetes and obesity. Amylin is headquartered in San Diego,
California. Further information on Amylin Pharmaceuticals is available at
www.amylin.com.
Forward Looking Statements
This press release contains forward-looking statements about Amylin, which
involve risks and uncertainties. Our actual results could differ materially
from those discussed herein due to a number of risks and uncertainties,
including risks that BYETTA, SYMLIN or exenatide once weekly may be affected
by competition, unexpected new data, safety and technical issues, or
manufacturing and supply issues; risks that our financial results may
fluctuate significantly from period to period and may not meet market
expectations; risks that any financial guidance we provide may not be
accurate; risks that our clinical trials will not be completed when planned,
may not replicate previous results or achieve desired end-points; risks that
our preclinical studies may not be predictive; risks that our NDAs for product
candidates or sNDAs for label expansion requests, such as the exenatide once
weekly NDA mentioned in this letter, may not be submitted timely or receive
FDA approval; risks that our expense reductions will not be as large as we
expect; risks that the restructured operations for exenatide will not produce
the results we expect; and other risks inherent in the drug development and
commercialization process. Commercial and government reimbursement and pricing
decisions and the pace of market acceptance may also affect the potential for
BYETTA, SYMLIN or exenatide once weekly. These and additional risks and
uncertainties are described more fully in the Company's most recently filed
Form 10-K and Form 10-Q. Amylin disclaims any obligation to update these
forward-looking statements.
Additional Information and Where To Find It
This press release may be deemed to be solicitation material in respect of the
matters to be considered at the 2009 Annual Meeting of Stockholders. Amylin
has filed the definitive proxy statement with the Securities and Exchange
Commission ("SEC") on April 20, 2009. INVESTORS AND SECURITYHOLDERS ARE URGED
TO READ THE PROXY STATEMENT, THE BLUE PROXY CARD AND ANY OTHER RELEVANT
DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC BECAUSE THEY CONTAIN
IMPORTANT INFORMATION. Investors and securityholders may obtain the proxy
statement and other relevant documents free of charge at the SEC's Web site,
www.sec.gov or from Amylin Investor Relations at 9360 Towne Centre Drive, San
Diego, California 92121.
Participants in Solicitation
Amylin and its directors and executive officers and other members of
management and employees may be deemed to be participants in the solicitation
of proxies in respect of the matters to be considered at the 2009 Annual
Meeting of Stockholders. Information regarding the interests of Amylin's
directors and executive officers in the proxy contest is included in Amylin's
definitive proxy statement.
CONTACTS:
Alice Izzo
Executive Director, Corporate Affairs
Amylin Pharmaceuticals, Inc.
(858) 642-7272
alice.izzo@amylin.com
or
Steve Frankel / Annabelle Rinehart
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
SOURCE Amylin Pharmaceuticals, Inc.
Alice Izzo, Executive Director, Corporate Affairs, Amylin Pharmaceuticals,
Inc., +1-858-642-7272, alice.izzo@amylin.com; or Steve Frankel or Annabelle
Rinehart, Joele Frank, Wilkinson Brimmer Katcher, +1-212-355-4449
