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Biotech Amylin Pharmaceuticals lost two board seats today (May 27) in shareholder voting. Eastbourne Capital Management and corporate raider Carl Icahn, that have been waging a proxy fight against management, each won a seat. But the company won 10 seats on the 12-seat board. Both sides claimed victory. Icahn lost his proposal to reincorporate the company to North Dakota from Delaware. The dissidents claim that management has mishandled development of its diabetes drug Byetta, which it sells with Eli Lilly. The drug has been linked to cases of acute pancreatitis. Amylin stock rose 5.61% to $11.68.
Biotech Amylin Pharmaceuticals lost two board seats today (May 27) in shareholder voting. Eastbourne Capital Management and corporate raider Carl Icahn, that have been waging a proxy fight against management, each won a seat. But the company won 10 seats on the 12-seat board. Both sides claimed victory. Icahn lost his proposal to reincorporate the company to North Dakota from Delaware. The dissidents claim that management has mishandled development of its diabetes drug Byetta, which it sells with Eli Lilly. The drug has been linked to cases of acute pancreatitis. Amylin stock rose 5.61% to $11.68.