February 2, 2009 / 8:23 AM / 10 years ago

Eastbourne proposes Amylin directors, backs Icahn - Bloomberg

Feb 2 (Reuters) - Hedge fund Eastbourne Capital Management LLC nominated five directors to the board of Amylin Pharmaceuticals Inc AMLN.O and is supporting a slate put forward by activist investor Carl Icahn, after it “lost confidence” in leadership of the biotechnology company, Bloomberg said, citing an internal letter.

San Diego-based Amylin makes diabetes drug Byetta in partnership with Eli Lilly and Co (LLY.N).

Eastbourne, a $3 billion hedge fund that has been a shareholder in Amylin for almost four years, selected Kathleen Behrens, Marina Bozilenko, Charles Fleischman, William Nuerge, and Jay Sherwood for the board, the agency said.

“While we have not lost faith in the potential of Amylin’s products and pipeline, we have lost confidence in Amylin’s leadership to take this rich product portfolio and execute an operational strategy that is in the best interest of the shareholders,” the agency cited Eastbourne founder Richard Barry as saying in the letter sent to management.

Icahn’s nominees were listed as Alexander Denner, Thomas Deuel, Jules Haimovitz, Peter Liebert and David Sidransky in a filing on Jan. 30 at the U.S. Securities and Exchange Commission.

Amylin shares have tumbled more than 60 percent in the past 12 months amid reports linking Byetta to inflamed pancreas.

Amylin and Eastbourne could not be immediately reached for comment by Reuters. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Andrew Callus)

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